ICSC: Thanksgiving Signals Positive Prospects For Shopping Malls

The International Council of Shopping Centers released its Thanksgiving Weekend Shopping Report, which estimated that more than 145 million adults spent time at malls and shopping centers in the period and spent on average $377.50.

From the broader perspective, ICSC stated that on average $96.20 was spent on dining and related entertainment experiences, $179.30 on holiday gifts and $102 on non-gift related items.

When ICSC asked consumers about December expectations, 60% anticipate finding similar deals/promotions to what they found on Thanksgiving weekend; 28% of consumers said they think the deals/promotions in December will be better than those they found over Thanksgiving weekend; and 12% expect the deals/promotions won’t be as good.

As they approached the period, 63% of consumers made a holiday weekend purchase, and shoppers visited an average of six stores compared to four last year. In addition, 25% of consumers made a purchase online Thanksgiving and/or Black Friday with plans to pick up purchases in store.

“Thanksgiving Weekend is a great indicator for what will be a holiday season full of spending, as we are seeing a very positive consumer sentiment and willingness to spend,” said Tom McGee, ICSC president and CEO. “Shopping centers across the country should feel very optimistic about the season ahead. While the shopping season is longer this year, it’s not coming at the expense of the most popular shopping day of the year.”