(Updated with stock prices.)

NEW YORK ( TheStreet) -- More shoppers braved the crowds on Black Friday, but spent less.

According to the National Retail Federation, 195 million shoppers visited stores and Web sites over the weekend, up from 172 million last year. On average, however, each shopper spent $341.31, down about 8% from $372.57 last year.

"While retailers are encouraged by the number of Americans who shopped over Black Friday weekend, they know they have their work cut out for them to keep people coming back through Christmas," Tracy Mullen, NRF president and CEO said in a statement.

The news sent shares of retailers tumbling on Monday afternoon, with the S&P Retail Index falling 1.3% to 399.22.

Some of the biggest decliners are in the department store sector, with J.C. Penney ( JCP) sinking 3.8% to $28.15, Macy's ( M) tanking 6% to $15.95, Saks ( SKS) dropping 8.4% to $5.99 and Kohl's ( KSS) off 2.4% to $53.14.

Women's apparel retailers are also in the red, as they experienced the slowest traffic Black Friday weekend. Talbots ( TLB) is plunging 6.9% to $6.52, Coldwater Creek ( CWTR) is losing 3.2% to $4.29, Chico's ( CHS) is decreasing 2.5% to $13.95 and AnnTaylor Stores ( ANN) is off 4.`% to $13.65.

Other notable decliners include GameStop ( GME), which is falling 3.6% to $24.41, after video game sales had a disappointing showing this weekend, and Zale ( ZLC), which is plunging 8.9% to $4.63.

But soft sales aren't a reason to panic. "Historically, sales over the Thanksgiving weekend were a good leading indicator about the 'health; of the overall holiday season," Roth Capital Partners analyst Elizabeth Pierce wrote in a note. "However, over the past few years, as consumers have shopped closer to need, Thanksgiving weekend sales have diminished in terms of relative contribution to total holiday sales and, therefore, the weekend has not necessarily been the best predictor of the overall 'health' of the holiday season."

Retailers are now awaiting how consumers will shop today, on everybody's favorite new shopping day: Cyber Monday. "Cyber Monday," of course, refers to the Monday following Thanksgiving, when shoppers trawl Web sites to find online deals.

NRF expects 96.5 million Americans will shop on Cyber Monday, up from 85 million in 2008.

As a result shares of Amazon ( AMZN), and eBay ( EBAY), are some of the only retailers in the green. Amazon is up 2.1% to $134.54, while eBay is growing 3.8% to $24.10.

Over the weekend, Kohl's ( KSS), already reported its site crashed due to a surge in traffic.

Still, the question looms: Will shoppers keep coming back for more? And what happens once the holidays are over?

-- Reported by Jeanine Poggi in New York

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