Record Breaking Shopping Expected Over Thanksgiving

Despite a concerning economy, shopping will continue, according to a consumer survey released by the National Retail Federation and Prosper Insights & Analytics. A record 186.9 million people are planning to shop from Thanksgiving Day through Cyber Monday this year.

The figure is up more than 3 million total shoppers from the previous record of 183.4 million last year.

“The holidays are an important part of many consumers’ budgets, and that trend is especially true this season,” NRF Vice President of Industry and Consumer Insights Katherine Cullen said in a statement. “As a record number of shoppers are expected this Thanksgiving weekend, retailers are prepared to meet the needs of consumers with great value and convenience.”

While promotions will span the entire five-day holiday weekend, Black Friday remains the most popular day to shop, with 70% of shoppers (130.4 million).

The second most popular day remains Cyber Monday, with 40% (73.9 million) of consumers expected to shop the Monday following Thanksgiving.

 Of the 36% (67 million) of potential Saturday shoppers, 80% say they are considering shopping in order to support local businesses and Small Business Saturday.

“Many Americans consider shopping to be an important part of their Thanksgiving holiday and one of the best ways to get deals on gifts,” Prosper Insights & Analytics Executive Vice President of Strategy Phil Rist said in a statement. “Of those planning to take advantage of sales, over half say it’s because the deals are too good to pass up. Others point to the tradition or simply say they like to start their holiday shopping during the long weekend.”

As of early November, 58% of consumers said they have already started their holiday shopping, in line with the last five years. On average, holiday shoppers have completed around one-quarter (26%) of their planned purchases.

The top items consumers plan to gift are clothing and accessories (50%), gift cards (43%) and toys (32%). The leading sources of inspiration continue to be online search (41%), friends and family (35%), within a retail store (28%) and wish lists (23%).

Total gift card spending is expected to reach $29.1 billion, up from $28.6 billion in 2024. Consumers plan to purchase between three to four gift cards and expect to spend an average of $171.32 per person. Restaurants remain the most popular gift card type (27%), followed by bank-issued cards (25%), department stores (25%) and coffee shops (20%).

For the fifth consecutive year, debit cards (44%) remain the most popular payment method for purchasing holiday gifts, followed by credit cards at 37% and cash at 16%. Fifty-nine percent of consumers plan to use digital wallets and apps, in line with recent years.

About two-thirds (67%) plan to embrace the spirit of giving and engage in at least one charitable activity, with the top ways to give including donating financially to a charity or cause (32%), donating items to a charity or cause (31%) or purchasing from retailers or brands that donate to social causes (20%).

Earlier this month, NRF forecast that holiday spending is expected to surpass $1 trillion for the first time during November and December, with sales predicted to grow between 3.7% and 4.2% over 2024. The amount translates to total spending between $1.01 trillion and $1.02 trillion.