Consumers struggling with debt are leaving their Christmas shopping until later in the hope of bagging some festive bargains, new research shows.

According to the National Retail Federation's (NRF) Holiday Consumer Intentions and Actions Survey, just 2.2 per cent of consumers have finished their Christmas shopping.

In contrast, some 72 per cent of people questioned have only ten per cent or less of their Christmas gifts so far this year.

Tracy Mullin, president and chief executive of the NRF, said the research suggests consumers are holding out for discounts as they look to make savings.

"Though many companies have already been featuring substantial sales and discounts, retailers may still have a few tricks up their sleeves to attract and entice holiday shoppers," she remarked.

The survey also shows that just 31.5 per cent of consumers plan to take on further debt by using credit cards to make festive purchases this year.

According to a report by Reuters, Wal-Mart has seen a drop in the number of customers using credit cards in its stores.

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