During the five-day period from Thanksgiving to Cyber Monday in 2025, approximately 202.9 million U.S. consumers participated in shopping activities, according to a survey conducted by the National Retail Federation (NRF) and Prosper Insights & Analytics. This figure exceeded both NRF’s forecast of 186.9 million shoppers and the previous year’s turnout of 197 million, marking the highest participation rate recorded since NRF began tracking in 2017.
NRF CEO Matt Shay characterized the shopping weekend as a strong start to the holiday season, emphasizing that holiday spending is a crucial aspect of many families' budgets. Despite a backdrop of declining consumer sentiment and widespread layoffs, retail sales data showed resilience, with expectations that holiday spending could reach between $1.1 trillion and $1.2 trillion—a projected increase of 3.7% to 4.2% from the previous year.
The top items purchased during this shopping period included clothing and accessories, toys, and gift cards. In-store shopping saw 129.5 million consumers, up 3% from the previous year, while online shopping surged, with 134.9 million individuals making purchases via websites and apps—a 9% increase year-over-year. Adobe Analytics reported that online spending reached $14.25 billion on Cyber Monday alone, representing a 7.1% increase from 2024.
Despite economic pressures, including a reduction in seasonal hiring expected to be the lowest in 15 years, analysts anticipate that consumers will maintain their holiday spending. Mark Mathews, NRF's chief economist, noted that households often prioritize holiday purchases, even if it means cutting back on other discretionary spending. Overall, the holiday shopping season appears to be off to a strong start, with consumers motivated by discounts and promotions.