Retailers have been forced to slash the prices of some high street goods to their lowest in recent history to lure customers into their stores.

As high oil prices and the credit crunch have sent the cost of living soaring, retailers have had to cut the cost of nonessential goods such as clothing, electronics and health and beauty items in summer sales that far outstrip previous years’ discounts and have arrived more than a month early.

Customers can expect to land bargains in the high street that are 10 per cent cheaper than last year’s summer sales. Those shopping for new cars can also take heart, with reports that dealerships are offering discounts twice as large as a year ago.

The average price of a blouse is 10 per cent lower than in last year’s sales, at £16.55, according to figures from Verdict Research. Men’s jeans have been reduced by 12.8 per cent on average, to £19.80. The average price of a 26in flatscreen TV is down 12.3 per cent on the sale period last year.

A spokesman for the British Retail Consortium said: “Discounting is more widespread than it was a year ago. These sales are the biggest discounts we’ve seen in recent history. Customers are concentrating the money they have got on essentials and retailers therefore have to cut prices of nonessential items.”

The huge discounts on offer are also in response to declining customer loyalty. Verdict said that customer loyalty to retailers is falling at its sharpest rate for ten years, with nearly 10.8 million people, a quarter of shoppers in Britain, expressing dissatisfaction with the store where they normally shop.

Those looking to buy a car in the current climate should press for discounts of up to 20 per cent, said Kieran Puffett, editor of Parker’s Car Price Guide. “A year ago you could have expected to get about 10 per cent off the list price,” he added. “Now, the cheekier the offer, the better.”

Richard Headland, motoring editor of Which?, said: “If you’ve got the money, it’s a pretty great time to buy cars. Dealers are actively having to encourage people to come in and buy. Factories just keep churning out cars and they have got to be sold one way or another.”

Among the shoppers swarming along Oxford Street in London yesterday, Nigel Martin, a 42-year-old software salesman, was making the most of the discounts. “I’m not even looking at the price tags, to be honest,” he said. “Everything’s so reasonable at the moment, sale or not.”

As she perused John Lewis, Colette Buchanan, 37, a nurse, said: “My husband is an investment banker and he says everything is going pear-shaped. These are not good times. But then again, people are knocking you over to get to the sales. The sales this year are earlier and they’re definitely better.”

Others sounded a cautionary note. Sue Ware, a 51-year-old teacher, said she would not be tempted into buying anything. “I’m constantly thinking, ‘Do I need that?’ I’m being much more careful with my money.

“These may be the great sales but in the end, they’re just clothes and shoes and things.”

Cut-price deals

Clothes
Gieves & Hawkes charcoal grey suit, £1,280 now £640 Selfridges
Marc Jacobs black dress, £2,235, now £558.75 Harvey Nichols
Roberto Cavalli floral dress, £1,495 now £300 Selfridges
Ralph Lauren Polo shirts, £55, now £34.95, Harrods

Electronics
Hotpoint frost free fridge freezer, £429.99 now £329.99 Comet
LG 42” digital LCD TV, £1,099 now £799, Curry’s

Homeware
Spritz 4-seater sofa, £1,190 now £595, DFS
Derby table, £760 now £279, BHS

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