In London's West End, stores are awash with special offers. High street chains are advertising up to half-price sales, while slogan T-shirts slashed to £3 hang in Hennes & Mauritz. Even Bosideng, the Chinese menswear chain that opened a year ago with much fanfare, is offering up to 50 per cent off selected lines.
Forget rip-off Britain - this is discount Britain. The high street is on almost permanent sale, while a third of all products bought in supermarkets are on special offer.
"In general, the level of discounting - by level I mean a combination of breadth and depth, not just the headline figures but what the overall effective cost to the high street is - that has been increasing since 2005," says Jason Gordon, consumer business partner at Deloitte.
While the US still leads the way on price competition according to analysts - Americans are well-known for their love of clipping coupons - it has intensified in the UK, ahead of markets such as France, where sale activity is more regulated.
Discounting has erupted during the downturn as store groups were forced to offer price incentives to tempt cash-strapped shoppers.
The nadir, says Mr Gordon, who tracks the market, was in 2008, when retailers bought in their stock before the collapse of Lehman Brothers, and then had to trade in the "post-Lehman Armageddon".
But there has also been a structural shift.
Retailers have spent decades whittling away costs by switching production to ever cheaper locations. Consequently, the staple business of many became selling high volumes of cheap clothes.
But as the economy turned down, consumers reined in spending, decimating the volume-driven market.
"It would be hard to overstate the switch that has taken place post-Lehman, and how very quickly the volume-driven market disappeared," says Richard Hyman, president of retail consultancy PatelMiller.
As stores have fought for a shrinking pie, they have turned to markdowns to steal sales from rivals, or at least protect their own businesses.
"It's a zero-sum game, but it's a zero-sum game that pretty much everybody has to play," says Mr Hyman.
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>Of course, retailers have always used discounts to shift stock that has not sold, or clear some lines to make way for new arrivals."The trick is to make sure it clears through without destroying your price integrity," says Tony Shiret, a retail analyst.
Things get even more difficult at this time of year, when winter stock is arriving and store groups are preparing for the crucial Christmas and new year trading period.
The past few weeks have been nail-biting, given unseasonably warm temperatures. Store bosses will be hoping the recent cold snap continues. Otherwise, there could be a repeat of 2011, when they were forced to slash prices on coats and knitwear.
"Everyone is trying to hang on," says one retailer. "The next few weeks will set the tone." Already, Debenhams and Marks and Spencer have been among those running promotions and offers - with M&S pulling forward its midseason sale, introducing a so-called "Friends and Family" offer, and running a 20 per cent discount day for online sales.
In supermarkets, meanwhile, 33 per cent of all the food and grocery products purchased are on promotion, from price reductions to buy-one-get-one-free deals, according to Nielsen, the consumer research group.
Special offers ballooned during the downturn as supermarkets - and food manufacturers, which often fund deals - struggled to cope with the first fall in food demand in living memory and rising commodity costs.
But there are signs that the level of discounting has stabilised.
The proportion of grocery products bought on promotion has come down from its peak of about 35 per cent, according to Nielsen.
Mr Gordon says retailers have become smarter in managing their stock, detecting earlier whether an item will sell well or not. Consequently, the level of discounting in winter 2012 was slightly lower than winter 2011.
New Look, the private equity-owned fashion retailer, was one of the few groups to hold its nerve this summer. It held a modest sale at the end of July, leaving it with plenty of strappy tops and sandals to sell at full prices in the August heatwave.
"As our stocks were well controlled, we were able to stay at full price and get the benefit of the good weather," says Alistair McGeorge, chairman.
Fat Face, the casual fashion chain, will for the fourth time this year not begin its winter sale until Boxing Day.
Anthony Thompson, chief executive, says constant markdowns erode consumers' trust in a brand. "Continued discounting is not a strategy, it's a drug," he says.
The practice could also be curtailed if the economy improves.
"Since the financial crisis five years ago, Americans have become more price-sensitive. In the recovery they have become a bit less price-sensitive," says Ira Kalish, chief global economist at Deloitte.
Similarly, Mr Gordon expects a lower level of markdown across the UK high street this winter.
Meanwhile, Nick Bubb, the independent retail analyst, says questions are being asked about some promotional practices, with the Office of Fair Trading probing six furniture and carpet retailers.
But he suggests the heavy discounting might "just die away naturally if consumers have that bit more confidence".
For bargain-hungry shoppers, it may be a case of buy now while stocks last.
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