Holiday Spending Up 16 Percent Over Thanksgiving Weekend: Report

The National Retail Federation estimates almost 190 million Americans did holiday shopping between Thanksgiving Day and Cyber Monday this year, up nearly 14 percent from the year before. The survey's findings are based on the spending habits of 6,746 adults.

The annual report found shoppers spent an average of $361.90 over five days, another double-digit increase over 2018. The NRF said the biggest spenders were 25-to-34-year-olds, followed closely by those aged 35-44.

The survey estimated 124 million people shopped in physical stores, while 142.2 million made purchases online. More than 75 million did both. Black Friday was the busiest day for in-store shopping, followed by Small Business Saturday, Thanksgiving Day, Sunday, and Cyber Monday. According to the NRF, 2019 marked the first year that Black Friday saw more online shoppers than Cyber Monday.

Shoppers reported free shipping offers played the biggest role in buying an item they were on the fence about. Among those surveyed, 58 percent bought clothing, 33 percent bought toys, 31 percent bought electronics, and 28 percent bought books, music, movies or video games.

The organization tracks the holiday season between November 1 and December 31. According to retail forecasts, holiday spending could top $730 billion by the end of December.