But when we're feeling the pinch from rising mortgages, fuel and food charges, does that mean that the summer sales are a godsend or a devil of a temptation?

The fact is, sales are great if you've a savvy shopper, but a dreadful drain on your resources if you are a sales schmuck.

And how do you learn to be the former rather than the latter?

Let's face it, we're all guilty of 'bad buys' bought in the sales. That mad, sad moment when we snap up something just because 'It's such a bargain' or something we really don't need but kid ourselves that 'It might come in handy when...' or be the perfect outfit 'Just in case I'm invited to...'

And according to Dr Jane Prince, principal psychologist at the University of Glamorgan, it's all down to the weaknesses of human nature.

She explains: "We're consistently being pushed into buying into our aspirational selves. We're pressed into being the people we think we should be or could be.

"Most of the time, our common sense tells us, 'Yes, I would like that but no, I can't afford it.'

"But come sales time we think, 'Perhaps I could be this aspirational person. Perhaps I could look glamorous when I pick my kids up from the school run if I wore the right kind of trainers. And look, they're 50 per cent off!"'

Mary Portas, retail expert and star of the BBC Two series Mary, Queen of Shops has a typically ruthless attitude to sales – and it's based entirely on common sense and self-control.

"Don't bother with the high street – the stores turn into land-fill sites, rammed with tat that would be rejected by most charity shops," she warns.

Many a chain store and its devoted customer would disagree, I'm sure. But Mary is adamant: "The clothes are cheap enough pre-sales and you will just end up buying lots of rubbish that would probably come to the price of a decent handbag in a designer sale.

"Department stores do the best sales. They have to make space for the new collections which come in at the beginning of August, so they need to get rid of old stock".

Portas advises: "Start your shopping expedition early in the day. You will have more energy and the sales staff will be keen to help.

"You probably want to get in and out as quickly as possible, but make sure you are focused and don't go into a shopping frenzy, leaving the store with lots of things you don't need."

Posh girls love the Harvey Nic's Sale. The UK's premier fashion retailer is nearing the end of its summer reductions and has slashed prices even lower.

Some top notch designer bargains are currently 70 per cent cheaper than their original price tag.

Rebecca Haynes, personal shopping manager for the store, advises: "I know it sounds cliched but sales are great for buying investment pieces at reduced prices.

"Even though it may be tempting to buy the season's key items at a bargain price, too trendy pieces will go out of style quickly and end up being an expensive purchase.

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