Despite inflation fears, a record 196.7 million shoppers looked in stores and online for holiday deals from Thanksgiving Day to Cyber Monday, according to a survey by the National Retail Federation (NRF).

Shoppers spent an average of about $325 on holiday purchases during the annual discount shopping event, marking an increase of about $25 from last year's average. That increase may be due in part to inflationary pressures.

In response to inflation, "consumers have responded by stretching their dollars in any way possible," said NRF President and CEO Matthew Shay in a release.

"Retailers have responded accordingly ... matching sales and promotions across online and in-store channels to accommodate their customers at each intentions," Shay said. "It is important to note that while some may claim that retail sales gains are the result of higher prices, they must acknowledge the historic growth in consumers who are shopping in-store and online during the long Thanksgiving holiday weekend and into Cyber Monday. It is consumer demand that is driving growth."

The retail trade group, which tracks in-person and online shopping trends, said Tuesday that overall sales for the holiday season -- which is defined as November 1 through December 31 by NRF -- will rise by 6% to 8% year-over-year to between $942.6 billion and $960.4 billion.

Consumers said they were about halfway finished with their holiday shopping on averages. That means that retailers can expect to see more sales ahead, Shay noted in a call with reporters.

Adobe Analytics, which tracks online trends, reports that online shopping also reached records during the shopping sales event. Black Friday shares increased 2.3% to reach $9.12 billion, while Cyber Monday sales rose 5.8% to $11.3 billion, according to Adobe.

Popular items this year included electronics, which saw sales jump 221% compared to an average day in October, according to Adobe. Smart home items also soared over 270% and audio products rose 230%. Toys also rose 285% compared to last year, Adobe reports, while exercise equipment gained 218%.

Consumers were also looking for ways to stretch their money even further, with uses of buy now, pay later options like AfterPay and Klarna increasing 78% compared to a week before Black Friday, according to Adobe.

As prices for gas, food and other essentials continue to rise this year, consumers searching for better deals and discounts for holiday gift-giving. The average discount rate in the U.S. across all categories online was 30% over the sales weekend, according to Salesforce data.

"Our data shows an incredibly strong correlation between discount rates and digital sales as consumers held out for the biggest and best deals," said Rob Garf, Vice President and General Manager of Retail at Salesforce, in a statement. "We anticipated that the retailers who lean into store fulfillment, personalize service, and streaming returns will be winners."