Online sales have likely already seen their peak this holiday season. Davis points out that most offers for ground shipping delivery by Christmas will end today.

That leaves brick-and-mortar stores with all the remaining heavy lifting. Beemer doubts that shoppers will dole out their dollars for anything less than 60% off at this point.

"They have certainly not been impressed with the prices they've seen," he says.

Chen believes shoppers are simply procrastinating with their shopping, regardless of the promotions.

"In this environment, everybody's a little bit nervous, but I do expect a big rush in the end," she says.

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