Shoppers' disenchantment also seems to stem from a general lack of interest in hunting for a bargain, a trait the Maltese are supposed to be renowned for.

"If I need something, I just buy it. What's the point of hoarding? To get fed up of it? Anyway, the sizes are never right during the sales. Moreover, most shops display old stock, which is most uninspiring," said a 68-year-old from Vittoriosa.

"They are selling cheap stuff," said another. "It's not the real thing!"

The Wall Street Journal recently reported that retailers were continuing to cut prices, saying deals on early spring merchandise reflected fears that consumers only wanted bargains now and would not want to pay full price after the holiday's discounts.

In Malta, that may not work. A couple from Fgura preferred quality to a bargain any day. They are resigned to expensive prices: "You have to pay for what is good! We never look out for the sales. If I need a pair of boots, I look for quality and comfort. You do not get that for €15 and plastic is a no-no."

Even a 22-year-old from Żabbar expressed disinterest in any savings. "I'm just buying books. I'm off to the UK and I might as well buy from there. The sales are sure to be better. I've heard that some shops are closing down and have cut prices by 90 per cent!"

While one electronics shop has adverts of massive discounts splashed across the media, the salesman denied any reductions, pointing to the odd "Christmas and special offers" trickling over from the festive season.

The flat-screen TV sets next door are already marked down and a "special offer" means about €150 less in one case - a mere 13 per cent. No wonder the salesman blatantly refuses to say what the percentage is. It doesn't sound as good...

But despite the complaints, Mr Farrugia advises consumers to "shop around" - not only in Sliema and Valletta - adding that the "heavy" discounts are likely to be further reduced due to the low volume of sales as no one wants to hold on to stock, particularly given the cash-flow problems and the "tremendous" competition.