Prices on top gifts are even lower than they were on Black Friday

If you failed to snap up any bargains on Black Friday, don't feel bad - you may be set for even better deals.

With UK customers more cautious about the annual shopping bonanza than our American cousins, retailers are slashing prices even further.

The idea of cutting prices on the first Friday after Thanksgiving first crossed the Atlantic three years ago thanks to Asda, owned by US giant Walmart.

But while last year, UK retailers sold a record-breaking total of £810 million worth of goods, this year things were a bit more subdued. The number of trips to stores this November was 2.1% down on a year ago, according to the British Retail Consortium (BRC) and consultants Springboard.

As a result, retailers are continuing to slash prices. According to the Daily Telegraph, ten of the 12 toys predicted by the Toy Retailers Association to be Christmas best-sellers have fallen in price since the beginning of November. The average price of the 12 has dropped by a fifth.

Some price cuts are even greater: for example, the Bosch Tassimo T4000 coffee machine, was £119 at Tesco on Black Friday, but is now just £49.50.
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According to PwC, more than six in ten high street retailers were holding sales at the beginning of this month, with discounts averaging 38%.

"Despite the late November sales peak associated with Black Friday, the level of promotional activity is continuing to increase as we enter December, suggesting that there is a base level of activity which is seen as necessary to be 'in the game'," says Martin Cowie, head of private business at PwC in Scotland.

"However, many retailers jumped the gun on the traditional Christmas sales start line by running promotions earlier this year to spread them out and to clear their excessive winter stock."

Part of the problem for retailers is that the internet means it's now easier than ever before to compare prices: they have to engage in a race to the bottom if they're to attract shoppers.

High street stores are now hoping that their fortunes will start improving next weekend, when many online retailers stop taking Christmas orders, meaning they'll face less competition.