NEW YORK--(BUSINESS WIRE)--Thanksgiving Weekend consumers propelled the holiday season forward as an estimated 160 million people flocked to stores over the weekend, according to a new report from ICSC, released today. Beginning on Thanksgiving Day, consumers spent an estimated average of $504, with 50 percent spending more than last year, setting the stage for a strong season.
Black Friday and Thanksgiving Weekend continue to be seminal shopping events and a staple of the American holiday experience. With many of the year’s best deals on display, brick-and-mortar retailers took centerstage. Discount department store retailers were the most popular destinations for shoppers, and consumers visited an average of 12 stores over the weekend.
“The excitement around shopping during the Thanksgiving Weekend remains strong,” said Tom McGee, President and CEO of ICSC. “Physical retail continues to be the overwhelming choice of consumers to make their purchases. This weekend was no different and is a great indicator of what is still to come this holiday season.”
Between Thanksgiving Day and Black Friday, holiday gifts were the most popular purchasing category—the average consumer spent $114 on everything from toys to electronics. Though Black Friday is often synonymous with brick-and-mortar retail, stores with both a physical and online presence fared the best. On that day, shoppers allocated 78 percent of their purchases to omnichannel retailers – either in-store or online – demonstrating the importance of creating diversified consumer touchpoints.
The results are a positive sign entering Cyber Monday, as omnichannel brands will be able to build on the momentum of Thanksgiving Weekend. According to ICSC, 77% of overall consumers and 86% of Millennials plan to shop on Cyber Monday. Omnichannel retailers are expected to win the day, as 83% of shoppers plan to spend at these stores. The importance of omnichannel in the holidays affirms ICSC’s signature research on the Halo Effect, which quantifies the per-dollar relationship between in-store and online purchases.
“The holiday season is officially underway—and top performing retailers will be those connecting with consumers through both physical and digital channels,” said McGee. “Retailers view Black Friday and Cyber Monday as mutually reinforcing events, leveraging their omnichannel assets to deliver value and experience. Holiday shoppers want convenience, attractive deals and festivity; omnichannel is the most effective way for retailers to check all three boxes.”
Methodology
The ICSC Thanksgiving Weekend Consumer Survey was conducted online by Engine Insights on behalf of ICSC on November 30, 2019. The survey is a demographically representative U.S. sample of 1,004 adults 18 years of age and older.
The ICSC Cyber Monday Consumer Survey was conducted online by Engine Insights on behalf of ICSC on November 21-24, 2019. The survey is a demographically representative U.S. sample of 1,004 adults 18 years of age and older.
About ICSC
ICSC is the pre-eminent membership organization serving retail and real estate professionals. Our members believe ICSC’s unparalleled programs and services are the most efficient and effective way to develop relationships, facilitate transactions, share insights and shape public policy and perception. For more information about ICSC visit www.icsc.org.
