In Canada and the UK, and many other Commonwealth countries, Boxing Day sales are just as much part of the festive season as mistletoe and candy canes. On December 26, shoppers line up outside stores, waiting in anticipation for the doors to open and for the 50%, 60% and 70% sales to begin. The term originates in Victorian England,  when the rich would box up gifts on the day after Christmas and bring them to the poor. In recent times, it has just come to mean Sale, Sale, Sale!

This year, Boxing Day came early — at least in New York City. Earlier this week, we saw sales everywhere we looked: Gucci, Bergdorf Goodman, Marc Jacobs, Barney’s, etc. Even Chanel had a large sale section of Ready-to-Wear and shoes on sale and online retailers have been going on sale earlier than ever before.

So, this must mean that retailers are desperate because US retail market is in the doldrums, right? Well, maybe.

Retailers have been reporting that European and Canadian shoppers have been descending on America in droves to snap up some relative bargains. And, US shoppers may also be contributing to the shopping frenzy, even when concerns about the economy and ongoing uncertainty about the impact of the global credit crunch are lingering.  Data from the U.S. Commerce Department suggests otherwise, citing a 1.1% increase in consumer spending in November, the highest increase in more than three and a half years, and long before the deep discount sales began.

When the final numbers for December roll-in, we will know whether the surge of spending in November continued into December. Perhaps this Christmas season isn’t going to be as bad as everyone thought.