ICSC: Strong Black Friday Retail Sales Expected

NEW YORK, NY–Retailers forecast a profitable Thanksgiving weekend as consumers are expected to spend an average of $554.90 with $207.30 dedicated to holiday gifts, according to a new survey from the International Council of Shopping Centers (ICSC).

With consumer confidence hitting its highest levels in almost two decades, 46% of the weekend’s shoppers plan to spend more this year than they did last year.

“The forecast numbers are robust this year because the economy is strong and consumer confidence overall is high. When those two things are in play, consumers are more comfortable spending money and they plan to do exactly that this holiday season,” says Stephanie Cegielski, Vice President of Public Relations, ICSC.

Establishing a strong physical and digital presence continues to drive sales and and Black Friday stands to reap the benefits as 93% of shoppers plan to spend their monies with retailers who have both a physical and a digital presence. As a matter of fact, of the shoppers who plan to buy online and pick-up in store, 77% indicate they are likely to spend additional dollars at that store or adjacent stores.

As some shoppers browse online over the holiday weekend, 71% plan on stopping by a shopping center or mall with millennials leading the mall surge.

Non-shopping activities are also a significant draw for consumers as 89% of Thanksgiving weekend shoppers plan various outings.

“Consumers take part in a wide variety of non-shopping activities during the holiday season,” Cegielski tells GlobeSt.com. “Our survey showed that in addition to shopping, consumers will dine, see movies, attend holiday themed events, visit Santa, and use personal services.”

Interestingly, 78% of the shoppers surveyed plan on buying toys at department stores such as Walmart and Target, reflecting the importance of brick-and-mortar retail in meeting that need.

“It is difficult to predict what will happen next year, but we saw incredibly strong numbers last holiday season and that trend did continue into this year,” says Cegielski. “As long as the economy remains healthy and unemployment low, there is a good chance the trend will continue.”

Founded in 1957, ICSC’s mission is to ensure the retail real estate industry is recognized for its social civic and economic role across the globe.