A person carries shopping bags during Black Friday shopping at Garden State Plaza on November 28, 2025 in Paramus, New Jersey.

A desire for deep discounts inspired 202.9 million U.S. consumers to shop during the five-day stretch from Thanksgiving Day through Cyber Monday, according to a survey by the National Retail Federation and Prosper Insights & Analytics released on Tuesday.

That estimated total surpassed the major trade group’s forecast that 186.9 million people would shop during the five-day period. It also increased from last year’s turnout of 197 million shoppers during the same period.

The shopping turnout is the largest since NRF began tracking the five-day total in 2017, and topped the previous high of 200.4 million shoppers during the same days in 2023. The trade group does not estimate the total amount spent during the extended Thanksgiving weekend.

On a call with reporters, NRF CEO Matt Shay described the shopping period as “the psychological kickoff of the holidays.” He said the number of shoppers represented “a very, very solid beginning” to the season.

“One of the key drivers here is that for many Americans and many families, holiday spending and holiday shopping is an essential part of the budget,” he said.

Even when consumers are pulling back and making trade-offs, they may still shop as December approaches. Shay said the holidays are “very much an emotional purchase.”

Retailers and economists are closely watching spending during the peak shopping season while trying to make sense of conflicting indicators about the country and U.S. households’ outlook. While consumer sentiment has tumbled and a growing number of major companies have laid off thousands of employees, retail sales data remains solid.