WANDER into any shopping mall - or even town centres in heartlands - today, and chances are you'll see signs advertising discounts of between 10 to even 85 per cent. Our newspaper has been brimming with advertisements brassily shouting out indecent discounts for the past week.
From opticians to shoe shops to furniture, it seems everyone and anyone is jumping in the bandwagon - even malls and credit card companies are dangling heftier discounts.
But are consumers biting?
As far as we know, it's a resounding yes - at least for those who were willing to talk (larger retailers whom we approached such as the major department stores and fashion distributors declined to give us their report cards, saying that it is still too early to tell).
Mattress manufacturer and retailer Simmons, for example, saw slower sales in November, but has since seen "a rebound" in December after rolling out a rare end of season sale offering 25 per cent off selected products.
The owner of a small shoe retail outfit in Yishun, said that sales had dipped 50 per cent over the past three months. It was not until the discounts that business picked up.
Now sales went up 20 per cent again, said owner Mr Jeffrey Kam.
But it's a pyrrhic victory for some, as while the sales may have been boosted, profit margins still remain relatively the same.
For Mr Kam, monthly sales just about cover costs like rent, electricity and labour.
"We are just keeping things moving for now. We need to pay our monthly bills and pay suppliers, so we cannot hoard products. We need to keep business going," explained the 44-year-old.
So it seems time will only tell whether these pre-Xmas sales will really work in maintaining retailers' bottomlines.
One thing is for sure though: while consumers may be spurred on by the sales for now, their buying enthusiasm won't last forever.
Retail experts such as Mr Wong Kai Hong, chief executive of TR21 business network and consultancy, warned that retailers who do "sales after sales" need to be able to move fast and cope with consumers' impending sale fatigue.
"The moment the consumers show signs of discarding sales or cheap items and start going for normal-priced items, they must be ready for it. Otherwise they will be left behind. Remember One.99?," he said, referring to the immensely popular chain of budget shops that went bust in 2003.
For now though, retailers are crossing their fingers that consumers will continue spending in the next wave - the post-Christmas sales. These spell more good news for those bargain-hunters out there.
Department stores like Tangs, Robinsons, Metro which have been offering ad hoc promotions in their stores before Christmas, will be flinging open the discount doors wider and slashing prices by up to 70 per cent then.
And some brands which have been holding off from the pre-Xmas frenzy - such as Trucco, Fat Face, and River Island - will be bringing out the discount goodies on Christmas Day itself.
So shopaholics, if you haven't already maxed out your credit limit already, get ready those credit cards and walking shoes tomorrow.