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Some 90 per cent of stores are cutting prices today in a last ditch effort to get shoppers spending before Christmas Day.

Highest shopper numbers of the year have been recorded in the last two years, as it appears shoppers have held off spending as long as possible, waiting to see if retailers cut their prices.

Data from PricewaterhouseCoopers point to nine out of ten firms now cutting prices.

Andy Garbutt, retail director at PWC, said: "We had to look hard to find retailers who weren't on sale.

“Shoppers have never had it so good in the run-up to Christmas. There are more promotions going on than ever before and the discounting is unprecedented."

The Synovate retail performance index released yesterday showed Monday was the busiest shopping day of the year.

However, December 23rd and December 24th are both expected to beat this record.

Tim Denison, Synovate retail psychologist, said:  “Shopping activity since Friday has certainly improved and should be considered as ‘respectable’ in the context of current conditions, but the quiet start to last week represents lost ground that will not be recovered.”

However, people should not be fooled by all the claims of discounts, and not all firms are aiming to cut prices to the bone.

“With one or two notable exceptions such as MFI and Woolworth, this has not been a ‘give away’ Christmas for most retailers,” Mr Denison said.

“The vast majority of them, despite offering some limited, selected stock at savagely discounted prices, have kept most discounts to a very sensible level.”

The last minute shopping rush has been too late for many stores.

The Officers Club, Whittard of Chelsea, Zavvi, Woolworths, and MFI are among the big names that have already called in administrators.