Despite a year of inflation concerns, fluctuating consumer confidence, and persistent macroeconomic uncertainty, U.S. shoppers delivered a clear message over Thanksgiving weekend: they’re still willing to spend—when they see value.
A new survey from the National Retail Federation (NRF) and Prosper Insights & Analytics reports that 202.9 million consumers shopped between Thanksgiving Day and Cyber Monday in 2025—the highest turnout since the NRF began tracking the period in 2017 and well above its forecast of 186.9 million. This surge not only beats last year’s 197 million but also surpasses the previous record of 200.4 million set in 2023.
For the retail sector—still navigating the volatile post-pandemic landscape—this performance suggests that strategic promotions, omnichannel convenience, and earlier deal cycles are resonating more deeply than economists expected.
A Weekend Defined by Hybrid Shopping: In-Store Stability Meets Digital Acceleration
The five-day period revealed a key trend: consumer behavior continues to blend physical and online channels more seamlessly than ever.
In-store traffic holds strong
•129.5 million shopped in-store, up 3% from 2024.
•Black Friday remained king of foot traffic with 80.3 million in-store shoppers.
This demonstrates that brick-and-mortar continues to play a crucial role—especially for categories like apparel and experiential buying—despite years of predictions that physical retail would fade.
Online shopping outpaces growth
•134.9 million consumers bought online, up 9% year-over-year.
•Cyber Monday attracted 75.9 million online shoppers, solidifying its position as the second-most popular online shopping day behind Black Friday.
Most notably, mobile commerce continued its steep climb:
46.9 million consumers shopped online via mobile devices on Cyber Monday—up from 40.4 million last year.
This underscores a shift toward “micro-moment” purchasing, where shoppers browse and buy spontaneously rather than planning ahead.
What Consumers Bought—and What It Tells Us About 2025 Priorities
The most popular purchases during the weekend offer clues about evolving consumer habits:
•Clothing & accessories: 51%
•Toys: 32%
•Books/media: 28% (jumping from 22% last year)
•Gift cards: 26%
The notable rise in books and media suggests a growing appetite for affordable, personal gifts—possibly influenced by tighter budgets and a resurgence of physical media for leisure.
Shoppers spent an average of $337.86, the highest since 2019. Of that, 67% ($225.74) went toward gifts, signaling a persistent desire to maintain holiday traditions even amid economic caution.
Why This Surge Matters: Three Major Retail Trends Emerging
1. Promotions are becoming a year-end battleground
Retailers launched aggressive and extended promotions earlier this year, and consumers rewarded them. This reinforces a pattern: shoppers are willing to spend—but only when the deal feels compelling enough.
2. Mobile is rapidly becoming the default shopping platform
With mobile now leading Cyber Monday online purchasing for the second consecutive year, retailers who haven’t optimized mobile UX—from page load times to frictionless checkout—are falling behind.
3. Hybrid retail is the new normal
The nearly even split between online and in-store traffic shows that consumers no longer choose one channel; they expect both to perform in tandem. Retailers must continue investing in BOPIS (buy online, pick up in store), curbside pickup, and unified inventory systems.
Looking Ahead: Is the Industry on Track for a $1 Trillion Holiday Season?
The NRF projects that 2025 holiday spending will surpass $1 trillion for the first time, growing 3.7% to 4.2% over 2024.
With 84% of shoppers already having started their holiday purchases by the end of Thanksgiving weekend—and 53% still having more to buy—the final weeks of December could push retailers toward that historic milestone.
From an editorial standpoint, the data signals that while U.S. consumers remain price-sensitive, they are far from retreating. Instead, they’re increasingly strategic, digital-first, and selective—favoring retailers who deliver convenience, transparency, and value.
Retailers who can align with these behaviors will define the winners of the 2025 holiday season.
Source: Based on reporting from Chain Store Age (CSA)