With just one day left until Christmas, shoppers around the world are gearing up to buy heavily discounted last-minute gifts.

The global financial crisis and credit crunch are forcing retailers to slash prices and extend store hours to attract customers.

U.S. retailers are facing what could be the worst holiday shopping season in nearly 40 years, as a recession, tighter credit and rising unemployment squeeze household budgets.

Retailers across the country are cutting prices and extending store hours to try and lure shoppers and salvage holiday sales.

At a Best Buy electronics store in New York City, many are braving freezing weather to take advantage of the sales, and buying items for themselves.

Al Lampkin, Shopper, said, "Sale prices and I needed one. I took advantage of a sale price."

Meanwhile, analysts believe prices are probably the lowest they've been in a long time.

Scott Krugman, National Retail Federation, said, "If you are a consumer right now with a little bit of disposable income, you are actually in the driver's seat because the prices are never going to be better."