The lure of the bargain seems to have fizzled out of Valletta's streets, where shoppers are unimpressed, distrustful, or simply prefer quality over reduced items they deem inferior.

Most were loaded with scepticism towards the sales, not with shopping bags and the excitement that is part and parcel of retail therapy.

While in New York, for example, new season items are already being discounted, Maltese shoppers remain disgruntled at the "make-believe" sales, which have never been overly generous, credit crunch, or not.

According to Evelyn Keith, who lived in the UK until 10 years ago, "Maltese sales are not sales at all! For genuine sales, go to Oxford Street, and it is not just because of the recession. Here, they just make fun of you!"

She was backed by another tourist from the UK, who vented frustration on how "expensive" the sales were, also bearing in mind the unfavourable exchange rate.

But the retailers' representative begs to differ, insisting that the feedback from consumers has been positive and that the discounts were "hefty". They have to be seen in light of the pre-Christmas period, when retailers had already lowered their prices, said Vince Farrugia, director general of the Chamber of Small and Medium Enterprises -GRTU. "This year, the comparison is between already-reduced to further-reduced and prices will go down even more."

Moreover, he insisted that although local sales are on a par with Italy, they cannot be compared to the UK, which is experiencing a "dismal and disastrous" situation. "Will you go and buy a coat from London and have to pay for the flight?"

But even though reductions would have started sooner, in line with cities abroad, the global financial turmoil that has jogged other markets into slashing their prices does not seem to have panicked local retailers in the same way. The result is consumer expectations are lower than the discounts and it seems no one is really shopping.

A Maltese couple, residing in Belgium, was not in Valletta for the sales. "We can't be bothered. In Belgium, quality, designer products are discounted. Here it's the seconds and the rubbish that go on sale. Also, discounts can reach 80 per cent there," said Jean Micallef Grimaud.

Mr Farrugia points his finger at low purchasing power and general fear, aggravated by the electricity bills and the usual post-Christmas lull. January is a long month and most are out of pocket way before they receive their salary, plus the weather does not help, he maintains.

Nevertheless, the posters plastered across the windows say "half price" but it is recommended to read between the lines - or the circles, in this case. The smaller one says "on most items". The reality is that the major discounts are usually reserved for last season's clothing, if at all.

"The window says half price but I picked up a jacket that went down from €75 to €50. That's not 50 per cent off," one woman pointed out, confirming that, inside, 50 subtly pales into 30, or the knocking off of a mere €10, causing shoppers to step outside to re-read the sign - and probably not re-enter.

Two empty-handed, elderly women from Fgura have a conspiracy theory: "First they double the price and then they cut it!"

Some good bargains, however, do exist, like bras for €5. You can also buy two for €20.85 and get one free. The thing is the original price is not indicated anywhere, so could you actually be paying for both?

Another lingerie shop is on half price but, of course, the only item that catches your eye is not on sale. "The dressing gowns are not reduced," says the salesgirl, begging the incensed question: "Why not?"

Further along the road, you query whether the sunglasses shop is on sale. Just the spectacles! Naturally...