By Lucy Rodgers BBC News, Oxford Street

Oxford Street was busy, but negotiable

Santa, the patron saint of seasonal indulgence and overspending, has worked his magic once again if the weekend turnout in central London was anything to go by.

Despite fears the credit crisis, falling house prices and high living costs would dent consumer demand, thousands of people were still happily handing over their hard-earned cash and plastic to the capital's High Street stores just three days before Christmas.

The last-minute rush was clearly in evidence at Regent Street's Hamleys toy store, where shoppers were pouring over the threshold and grabbing piles of gifts for the younger people in their lives.

But elsewhere in the shop, things were more leisurely, with people taking in the demonstrations of magic sets or battery-operated yapping dogs.

"People need to be able to enjoy themselves at Christmas," said store manager Gareth Marriott. "That's why we have the demonstrations to make it enjoyable."

Late shoppers

But, while the store was buzzing with shoppers, Mr Marriott said trade had been busiest on Thursday and Friday, with many people opting to leave London at the weekend to travel to friends and family elsewhere.

The Smith family travel to London from Essex every year at Christmas

However, customers were increasingly delaying their festive buying to the last few shopping days for tactical reasons, he said.

"People are leaving it later and later and later, because they are hoping the retailers are going to have bargains."

Outside the shop, John Smith, along with his son Andrew, was waiting for his wife Helen, still inside tracking down presents for six people.

The family travel from Essex to central London every year to hit the shops at the last minute, partly to avoid the earlier crowds and to take advantage of early reductions.

"Its because we have to travel in to London and we managed to avoid the big getaway on Friday. My son is hoping to catch some of the discounts," Mr Smith said.

Another shopper, Simon Macclesfield, from north London, was desperately hunting for a gift for his girlfriend.

"I always leave it too late," he said as he disappeared into the crowds.

Queues

In neighbouring Oxford Street, Smita Shah, promotions and marketing manager for John Lewis' Oxford Street store, said despite the gloomy predictions, the shop's tills had taken �10m last week alone.

Customers were even waiting to get through the doors at 0930 GMT when the shop opened on Saturday, she said, with the usual last-minute gift hunters hoping to beat the crowds.

We haven't seen a sudden rush Bek Bayram Currys.digital store manager

But, contrary to popular stereotyping, it was not always men who failed to plan ahead, she said.

"All types of people leave it to the last minute. Men tend to more than women, but you also have your business people who just don't have the time to do it before.

"It tends to be menswear and beauty, those type of things that people buy."

On the fifth floor, Sarah Adenuga was gift-wrapping presents for customers. By the afternoon, she had already completed 25.

"Practice makes perfect," she said.

Women, men, older customers and teenagers, all took advantage of the service, she said.

Further down the street at Currys.digital, store manager Bek Bayram was surveying the crowds heading through his doors.

Console problems

But he knew some would have to be turned away empty-handed. This year's "must-have" present, the Nintendo Wii, has only been in stock infrequently, and the Nintendo DS has also been hard to come by.

"We could have sold thousands. We are turning 40 to 50 people away a day," he said with a sigh.

Last year was better Renato Damiano and Saulo Ferreira Stallholders

But with footfall down by 20%, Mr Bayram was pleased takings seemed, so far, to be matching last year's.

"We haven't seen a sudden rush," he said. "But if we factored the consoles we could have sold, we could have been in a much better position than now."

As for last-minute shoppers, he is philosophical.

"If people shop that way, they will shop that way."

Meanwhile, the smaller retailers were, perhaps, feeling the impact of the credit squeeze.

Renato Damiano and Saulo Ferreira were eagerly drumming up trade for their scarves stall, close to Oxford Circus tube station.

Although they had a steady stream of customers, they said business had been "good but not brilliant" and for the first time they would be opening on Christmas Eve to catch more last-minute buyers.

"Last year was better," admitted Mr Damiano.