Retailers are cutting prices in the run-up to Christmas 2016 in an attempt to drive sales, with a new study from Deloitte suggesting that consumers have never had it so good in terms of the number of discounts that are on offer.

Typical price cuts equate to 43.3 per cent off the original RRP of the product in question, which is 1.5 per cent lower than in 2015. By the time that Christmas Eve rolls around, analysts expect savings to be even greater, sitting at 54 per cent on average.

There are a number of reasons that such steep price cuts are being instigated, with a combination of warmer weather, high sales over the Cyber Weekend period and the generally solid state of the economy all being cited.

Industry experts are also convinced that the fact that records are being set in this area is an indication that retailers are preparing for rockier times ahead, with the likely rise in inflation set to trigger a dip in consumer confidence and thus reduce the amount that people will be willing to spend online or on the high street.

The rise of e-commerce has made it even easier for consumers to find out about the discounts, offers and bargains that are available to them, rather than having to search from shop to shop to get the best deal.

Of course, with more people carrying out safe shopping online, the high street itself remains in a state of flux, with store closures still common across the UK. And if the government does trigger Article 50 and kick start Brexit next year, then it may be even harder for bricks and mortar outlets to survive, as bargain hunters flock to the web in order to get the best value for money.