The sales have got off to a meek and cautious start, with subtle signs sneaking out of window corners showing most shops are just under pressure from their competitors and almost forced into offering discounts too.

Discounts may have started but they are nothing in comparison to those in the UK

In Valletta, in the week between Christmas and New Year, the streets are far from empty but those thronging them are hardly buried under their bulky shopping bags in an end-of-year retail rush.

Most are just walking around, window shopping, whiling away the time and waiting for the “real sales”.

Discounts may have started but they are nothing in comparison to the UK, for example, where prices were slashed by up to 70 per cent the day after Christmas.

Shoppers there have abandoned austerity, with a record £4.3 billion spending spree over the last couple of days, with tills taking an average of £4.6 million a minute, or £77,000 a second, as stores across the country saw queues reminiscent of scenes before the economic downturn.

Christmas sales were brought forward in many stores in the UK and up to 12 million shoppers – one in four of the population aged over 10 – were thought to have crammed into high streets and malls over the last two days.

The scene in Valletta was somewhat more subdued, with some outlets promoting a 20 per cent discount, without any fuss – probably just to say they too are on sale.

It is the handful of shops that have gone the whole hog and plastered their windows in posters that have the most customers.

The most visible bags on the street are of a franchise that is offering 40 per cent sales and has the carrier to show for it.

The general opinion remains that it is just “too soon”. Many retailers were ready to start next week but felt they had no choice.

Starting later has always been the Maltese way but, over the last couple of years, they are being pushed forward – much to the dismay of shop owners – in some cases because of poor performance. Retailers feel pressured by their competitors into having sales so early and they know collaboration by other businesses on fixing a more appropriate time is not on the cards.

One women’s wear shop in Valletta is offering selected items at half price, a limited section of its more casual products and slow sellers that started before Christmas.

“We believe the sales date should be stipulated by law and that it should be around mid-January. Our winter, after all, starts in late December, so you end up selling your stock at half price. Ideally, the sales begin when the winter season starts closing off, having had some time to sell the product at full price,” the manager said.

The situation was confusing the shopper, who expected all shops to have sales and did not understand the seasonality issue, whereby sections were discounted and others were not, she added.

Some shops are concerned for the customer, who they feel is being “cheated” by buying something for Christmas at full price and finding it at half the cost the next day, shortly after they unwrapped it.

Another fear on the part of retailers as regards post-Christmas sales is that the public would be put off buying before.

Mario Genovese, owner of Kenjo and Kyoto boutiques, blamed the early sales on the major franchises, saying he would gladly start his after the New Year.

“But if the hype created by the other shops begins early, you cannot miss out. The spending power happens collectively and you have to take a piece of it,” he said.

Tommy Hilfiger is one of the brands that has resisted succumbing to any pressure and is not on sale for the time being.

Its managing director, Jon Shaw, said shops decided to have sales depending on their stock situation but in the case of Tommy Hilfiger, it was also a question of maintaining brand image. “Our reasoning is aimed at protecting the brand and the customers. No one enjoys buying something at full price and finding it reduced a week later. We try to strike a balance.

“My concern is that, over the years, sales will start earlier and earlier and that would eventually eat in…”

The Point, which offered the convenience of being indoors, has experienced a good footfall post-Christmas, when the public tended to change presents, redeem vouchers and spend cash gifts, Mr Shaw said.

The weather has also been ideal this season – “cold but manageable”, meaning people could go out to shop and needed winter clothing. The worst was when it was really hot, Mr Shaw explained.

On the other hand, a retailer on Republic Street said, Valletta had suffered due to the “nightmare” parking situation, losing shoppers to Sliema, which was offering a vaster choice.

Shopping online was another form of competition, which got even stronger if going to the city proved inconvenient.