Retailers are hoping last-minute blowout deals on items ranging from TVs to celebrity-branded clothing will allow business to pick up as weeks of disappointing sales have led analysts to lower expectations for the holiday season, Reuters reported.

Industry experts said shoppers are still visiting stores and browsing online for gifts, but they are making smaller purchases. That decision not to engage in big spending could be critical in determining the profits for many chains, as the holiday quarter can account for roughly 30 percent of annual sales.

"The season will be an OK season. It won't be as strong as last year, but it won't be maybe as bad as feared heading into it," said Joseph Feldman, managing director and senior research analyst at Telsey Advisory Group. "Christmas comes every year."

Some of the big winners this holiday season appear to be Macys, TJX, Michael Kors, Costco, Limited Gap Inc, Antrhopologie and Walmart.

More from Reuters:

Superstorm Sandy hit sales in the densely populated Northeast in late October and early November but retailers were able to bounce back weeks later with a strong turnout on Thanksgiving weekend.

Now, fresh concerns about whether Washington will reach an agreement to avert the "fiscal cliff" of tax hikes and spending cuts before January 1 is leading some shoppers to curb spending.

Figures suggest more people may be doing their shopping online compared to past years. There were 12 days this holiday season when spending surpassed $1 billion, compared to just 10 days in 2011, according to comScore, which predicted online sales jumped 16 percent in the first 51 days of the holiday season.

 

Read the full story at Reuters.

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