"The shopping season is a repeat of last year," said Britt Beemer, CEO and founder of ARG, known for his Christian retail channel studies. "More shoppers are waiting for better deals, and stores just aren't giving them big enough discounts."

Of those consumers not shopping, an overwhelming number (95.1%) said they would wait until Dec. 24 to get more items on sale, added Beemer, noting that shoppers want 60% to 70% off in order to buy.

The survey of 1,000 people found that 72.2% shopped at Wal-Mart on the weekend compared to 69.1% shopping at the world's largest retailer over the same period in 2008. Cyber Monday sales were flat at 28.7% compared with 27.1% of consumers shopping online last year, according to Beemer, who has accurately forecast Christmastime retail sales in 17 of the last 18 years.