Today in New York...

The American holiday spirit has retailers pulling out all stops to entice consumers to shop and spend.

5th Avenue was crowded with shoppers looking for last minute bargains and festive purchases, in what is the most important sales calendar of the year.

Upmarket department store Bergdorf Goodman and Bloomingdale's were heading the designer sales, with both retailers offering up to 40 percent discount on designer fashion, which typically goes on sale on Boxing Day. J Crew was offering 30 percent on its own label products while Barneys and Saks 5th Ave. were running select promotions.

Independent boutiques were also offering discounted products, such as new menswear boutique Project No. 8 and New York stalwart Odin.

Image: Bergdorf Goodman, Oak NYC, J Crew