A reason attributed to the spending amount, along with what consumers are choosing to spend money on, is the effect that tariffs are having on consumer goods.
"Diapers are so expensive. Baby toys are expensive. Everything is just so expensive. It's really hard for some families," said Emily Hall, of Raleigh.
She is a stay-at-home mom of four who plans for a smaller Christmas holiday this year.
"We have one income. So we're just getting what they need. Next year, hopefully can be a better Christmas for us," she said.
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The NRF lists the top three categories that shoppers are spending money on in 2025 as clothing or accessories (48%), toys (30%), and gift cards (27%).
"I enjoy the gift cards. Especially for places where I can eat. Or get coffee," said Nancy Rokose, who still has shopping left to do. "I find that to be true. People I work with all the time ... they have a set list, and they're trying not to waste time or money. These days things are tight."
People are also choosing to spend more money on experiences, rather than goods, this year as well.
"We try to focus on more experiences together rather than material things," said shopper Ashley Snider. "We give gifts that are more experience-oriented than price-tag oriented."
Additionally, the NRF estimates a record 158.8 million shoppers will finish their holiday shopping on what's known as Super Saturday -- the last Saturday before the Christmas holiday.
"We may not have everything that we want. But we have everything we need. And that's what's most important," said Hall.