More Americans than ever are expectedto go shopping this Thanksgiving weekend, many of them looking for holiday gifts and Black Friday bargains.
No retailer is more synonymous with holiday shopping than Macy's, whose flagship New York department store was the setting for the classic 1947 film"Miracle on 34th Street."
But Macy's is navigating a challenging season for consumers and retailers this year, as are its competitors.
CEO Tony Spring recently told NBC News the company's focus is on offering shoppers a range of options.
"Hopefully people are feeling like they have an opportunity to invest in gifts this season, and if they're having to be frugal, if they're having to be careful, if they're having to make choices, we've got options," he said.
According to the National Retail Federation, 189 million people are forecast to shop, both online and in person, between Thanksgiving Day and Cyber Monday.
But it's a difficult time for consumers in America, as economic anxiety, corporate layoffs, stubborn inflation and tariffs all weigh on people's holiday shopping plans.
A closely watchedsurvey of consumer sentimentreleased Friday found it had fallen to levels not seen since 2009, in the wake of the financial crisis.
For retailers like Macy's, this overall confidence drop could make the Black Friday shopping weekend all the more important.
According to a study from the consulting firmBain & Company, 2025 retail sales during the four-day period from Friday through Monday could make up a record share of U.S. sales for the entire holiday season.
"It used to be Cyber Monday versus Black Friday. That divide doesn't exist anymore. Everyone is shopping and connected to their devices all weekend long," said Katherine Cullen, NRF vice president of industry and consumer insights.
"What we see is that most shoppers do tend to go on in store, particularly on Black Friday," she said. "When people are looking for gifts, they like to see things in person."
For more than a century, this in-person experience is exactly what department stores have offered shoppers. And today, Macy's operatesmore than 300 of its namesake stores, plus the Bloomingdale's and Bluemercury brands.
During a recent visit to the Macy's Thanksgiving Day Parade studio in New Jersey, Spring shared his perspective on the state of the consumer and how Macy's is adapting to meet customers where they are this season.
"I think there are some customers who are going to be careful and cautious," said Spring. "There are other customers that say, 'This is my holiday. I've been looking forward to this holiday all year long.'"
Holiday shopper Deneen Miller is part of that first group. "This year is going to be tough," Miller told NBC News outside of Macy's flagship store in New York's Herald Square recently.
Miller said her holiday budget this year was under pressure in part due to rising economic uncertainty, but also from a newer factor:tariffs imposedby President Donald Trump since he took office in January.
"The tariffs, it's definitely going to have an impact on shopping," Miller said. "Most definitely."
Higher tariffs on imported goods are the backbone of Trump's economic agenda, and he has increased customs duties on a huge range of products, from aluminum to bananas to Barbie dolls.
But it's hisChina tariffs, in particular, that will have an outsize impact this year on items synonymous with the holidays: toys, electronics and seasonal decor.
Spring said Macy's is working hard to minimize the impact of tariffs — both on customers and on the company's bottom line.
"I would love for tariffs not to be something that the team is focused on," said Spring. "But the reality is — like weather — you get these things that happen that you didn't predict."
At a time like this, he said, "You've got to navigate, you've got to pivot. And we have a game plan that's focused on delivering a great holiday season."
Tariffs have also helped shape what Macy's shoppers will see this season.
"We've cut back within a category like toys, where we thought some of the pricing was just not realistic," said Spring.
But not all toys.
Macy's is leaning into Lego, he said, "where we've had a spectacular business. We think it's very important for the customer to see a broad assortment of Lego within the Macy's business."
Lego is astandout starin an industry that has been battered in recent years bytariffs, supply chain woesand changingconsumer tastes.
Nonetheless, Spring said, Macy's strategy for adapting to tariffs is multipronged and still evolving.
"It's brand by brand, category by category. There was no one-size-fits-all approach. We really tried to take it, with every single merchandise area, and say, 'What's most important to the customer? Where can we negotiate more effectively? Where do we have to potentially take a hit so that we can deliver the right value for the consumer?'"
The coming weeks will reveal whether Macy's strategy strikes the right balance.
The NRF predicts that the2025 holiday shopping seasonwill top a trillion dollars for the first time ever, with the average customer spending nearly $900.
"I'm cautiously optimistic" about the potential of this holiday season, said Spring. "I see a resilience and an excitement and enthusiasm for the customer."
During a year of tougher choices for many Americans, holiday gift giving can offer a celebratory respite, said the NRF's Cullen.
"Consumers do what they can to make this time special," she said. "Even when things might feel a little tight, they will do what they can, shopping discounts, buying secondhand, looking for sales, to make this time as special and as celebratory as they can," she said.
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