The evidence so far is anecdotal, but it appears that customers are disappointed that massive bargains have not materialised.

UK retailers are in urgent need of better business. In the run-up to Christmas, sales figures were pretty weak according to a survey by the British Retail Consortium (BRC). Consumers were holding on to their money, because reports over an economic slowdown made them worry about their jobs and income.

The prospect of sales bargains and the recent cuts in interest rates could have been enough incentive to spend more, but this has still not happened.

Shoppers cautious

Last year the story was different. Sales were very slow until 21 December and then picked up. Ann Grain from the BRC says: "There is a difference in that last year the shops did overstock, which resulted in the sales lasting longer and there being a bigger choice of bargains.

"It is the case that the retailers were once bitten and twice shy but I'm sure there are still some bargains around."

In the absence of drastic early price cuts, shoppers remain cautious and this in turn is hurting business. Retail analysts warn that consumer confidence is low and unlikely to change soon.

Star Wars merchandise continues to fly off the shelves

But there are positive signs. At some big-name stores and shopping centres across the country bargain hunters were queuing in the early hours to secure items for knock-down prices. Roads outside Lakeside Centre at Thurrock, Essex, and Meadowhall, near Sheffield, were reported to be jammed with shoppers.

Once again, some of the biggest reductions are on white goods such as fridge freezers and microwaves.

One of the country's most-watched sales, at Harrods will not start before Wednesday, 6 January, when it will be offering one-off items such as a Gucci chiffon dress reduced from £1,230 to £615, and a diamond and emerald watch worth £460,000 at half price.

Film merchandising flourishing

One area of retail which continues to succeed is film merchandising.

With almost seven months to go before the release of the latest Star Wars film, and 21 years after the first was screened, the brand is a $4bn industry.