Nearly half of shoppers spent more than in 2024, as in-store shopping, dining and experiences remained central to the season

ICSC’s 2025 Post-Holiday Consumer Survey showed strong spending throughout the holiday season, with 92% of U.S. adults – or about 246 million people – spending an average of $1,081 on holiday related goods and services.

“Consumers leaned into holiday traditions once again, making a statement this season: they are willing to spend on moments that matter to them,” said Tom McGee, President and CEO of ICSC. “This year showed that spending held up across both goods and services, even as households faced higher costs and economic uncertainty. Consumers continue to spend, but are doing so with greater care and selectivity.”

Nearly half of holiday shoppers (47%) reported spending more than they did in 2024 – compared to just one-third who expected to do so at the start of the holiday season. Younger consumers led the charge, with 62% of Gen Z saying they increased their spending. At the same time, shoppers remained budget-conscious and value-driven, as 63% said they were more selective in their purchases due to higher prices and 68% took steps to manage costs, including buying fewer items, switching to less expensive brands or retailers, and increasing their budget.

Even so, many shoppers kept spending in check, with 43% staying on budget and another 13% spending less than planned, indicating that the majority of consumers were able to manage holiday spending effectively despite ongoing price pressures.

Brick-and-mortar retail remained a dominant channel throughout the season. More than nine in ten holiday shoppers reported making purchases in physical stores, and about three-quarters of consumers shopped both in-store and online. Physical spaces were also an important part of the holiday season, with 75% of shoppers visiting a mall or shopping center. While most went to shop, many also stayed to dine or take part in entertainment and seasonal activities. Among all holiday shoppers, more than eight in 10 (82%) spent money on dining, while 52% spent on entertainment, and 64% spent on personal care services, reflecting the role these categories played alongside traditional retail.

Technology also influenced holiday shopping decisions this year, with nearly half of shoppers (47%) saying they used AI-powered tools to help compare prices, find gift ideas and make purchasing decisions. Usage was highest among younger consumers, including 67% of Gen Z and 59% of Millennials, compared with 40% of Gen X and 26% of Boomers.

Returns activity continues to spur additional spending after the holidays. While 26% of shoppers returned or exchanged items or plan to do so, one-third say they ultimately spent more or will spend more than the value of the original purchase.

“For the retail industry, this holiday season reinforced what’s working,” added McGee. “Consumers responded to convenience, promotions, and experiences. They made the most of the holiday season by showing up in stores, using technology to make smarter choices, and continuing to value the experiences that come with shopping in-person.”

Methodology

The ICSC 2025 Post-Holiday Consumer Survey was conducted online from January 5–7, 2026. The survey represents a demographically representative sample of 1,013 U.S. adults.

About ICSC

ICSC is the preeminent membership organization serving the commercial real estate and retail industries. The organization promotes and elevates the marketplaces and spaces where people shop, dine, work, play and gather as foundational and vital ingredients of communities and economies. ICSC produces experiences that create connections and catalyze deals; aggressively advocates to shape public policy; develops high-impact marketing and public relations that influence opinion; provides an enduring platform for professional success; and creates forward-thinking content with actionable insights–all of which drive industry innovation and growth. For more information, please visit www.ICSC.com.

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