A record 202.9 million consumers in the U.S. shopped over the five-day period from Thanksgiving through Cyber Monday in 2025, surpassing last year’s 197 million and beating the previous record of 200.4 million set in 2023. This turnout is the highest since the National Retail Federation (NRF) began tracking this total in 2017 and well above their initial forecast of 186.9 million shoppers for this year’s stretch. The surge reflects a deep-rooted commitment among American families to their holiday shopping traditions, despite mixed signals from the broader economy.
While consumer confidence has taken some hits recently and layoffs have made headlines, retail spending remains surprisingly solid. The NRF’s CEO highlighted that shopping during this key period is often motivated by emotional connections and the importance of the holidays for many households’ budgets. Even with consumers being more cautious, they still prioritize holiday purchases, many drawn by compelling sales, free shipping offers, and limited-time deals. Promotional activity played a central role, with nearly 55% of shoppers citing discounts and sales as their primary motivation to buy during the extended Thanksgiving weekend.
Physical stores attracted about 129.5 million shoppers, a 3% increase from last year, even as online shopping saw an even larger 9% rise with 134.9 million consumers buying through websites and apps. Black Friday remains the busiest single day for both online and in-person shopping, followed by Cyber Monday and the weekend’s other key days seeing noticeable increases in shopper activity. The Sunday after Thanksgiving, in particular, proved popular with a record 32.6 million in-store and 38.7 million online shoppers.
Looking back over the last three years, 2025’s 202.9 million shoppers stand out as a new peak, building on steady growth from around 196.7 million in 2022 and 197 million in 2024, with 2023 slightly higher at 200.4 million. While the leap is significant, it also underscores a resilient consumer base that continues to engage heavily with holiday retail, guided by both value-seeking behavior and seasonal traditions.
The NRF’s projections for the 2025 holiday season suggest overall retail sales will cross $1 trillion for the first time, with expected growth between 3.7% and 4.2% compared with last year. Online sales are anticipated to grow 8% to 9%, reinforcing the merging of in-store and digital shopping channels into a broad, consumer-driven ecosystem. Despite economic uncertainties, the holiday shopping weekend turnout underscores a robust spirit among shoppers, who seek to find meaningful ways to celebrate the season without sacrificing their financial prudence.
This trend toward heightened holiday shopping activity highlights how Americans are balancing cautious consumer sentiment with an enduring desire to invest in family celebrations and gift-giving. The data suggests this mix of emotional and practical considerations will keep holiday retail vibrant, even as shoppers remain mindful of their budgets.
