More than 202.9 million U.S. consumers shopped during Thanksgiving through Cyber Monday, exceeding the NRF’s forecast and last year’s turnout. NRF CEO Matt Shay called it the “psychological kickoff of the holidays,” noting that holiday spending is essential to many families’ budgets. Retailers expect holiday spending to hit a record $1.1 trillion to $1.2 trillion.

Amidst concerns about consumer sentiment and layoffs, NRF forecasts a 3.7% to 4.2% increase in holiday spending. Despite hiring fewer seasonal workers this year, retailers anticipate consumers will spend on gifts and decor. Top categories for purchases include clothing, toys, books, and gift cards.

A total of 129.5 million consumers shopped in stores, with a 3% increase from last year, while 134.9 million shopped online. Online spending on Cyber Monday alone reached $14.25 billion, a 7.1% increase from the previous year. Overall, online spending during the five-day period rose by 7.7% year over year to $44.2 billion.

Read more at CNBC: Black Friday Cyber Monday shopping turnout NRF