The 2025 Holiday Shopping Survey from advisory firm Ankura finds that while traditional Black Friday is losing its appeal, retailers can win over economically-strained consumers by blending AI-powered personalization with nostalgic, experience-driven in-store events.

Why it matters: The findings suggest retailers must pursue a dual strategy to succeed this holiday season. Simply offering deep discounts is no longer enough; success will depend on creating highly personalized online journeys while simultaneously reviving the appeal of physical stores as destinations.

The big picture: Based on insights from over 1,000 U.S. shoppers, the survey paints a picture of a consumer base that, while digitally savvy, is also craving tangible, real-life shopping interactions.

  • Half of the consumers surveyed now view Black Friday as unimportant, signaling a major shift away from the single-day shopping event.
  • Despite this, the appetite for deals remains strong. The report indicates that meaningful discounts of at least 30% could reignite consumer interest and drive traffic back to physical locations.
  • Last year's foot traffic patterns showed consumers bypassing traditional malls in favor of outlet malls and big-box retailers like Target and Walmart.
Zoom in: The survey recommends specific tactics for retailers to adapt to these changing behaviors.

  • On the technology front, the firm advises using AI to deliver personalized product recommendations and dynamic pricing to create a more unique shopping journey for each customer.
  • For brick-and-mortar, the focus should be on reviving the "classic shopping pilgrimage" with compelling doorbuster offers and in-store-only deals.
  • Enhancing the physical experience with perks like coffee, cookies, or exclusive gift cards can provide a compelling reason for shoppers to choose in-store over online.
What they're saying:

  • "This holiday season's challenges highlight the need for retailers to harness the power of AI to stay competitive," said Chris Ventry, Managing Director at Ankura. "Retailers who leverage AI to create a unique shopping journey... will be the ones that succeed."
  • "While the shift to online shopping is undeniable, our survey reinforces that physical stores remain a crucial part of the consumer experience," noted Keith Jelinek, Ankura's Performance Improvement co-leader. "To win this holiday season, retailers must focus on optimizing their in-store promotions and events."
Between the lines: The survey data presents a core challenge for retailers: meeting seemingly contradictory consumer demands. Shoppers want the efficiency and personalization of a sophisticated digital experience while also seeking the nostalgic, sensory experience of traditional holiday shopping, forcing companies to invest in and manage two distinct customer engagement strategies.

The Ankura 2025 Holiday Shopping Survey may be downloaded here.

SOURCE: Ankura

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