Many of us are spending more this Christmas than last according to figures from the British Retail Consortium, John Lewis and almost anyone else you care to ask — not to mention our own Oxfordshire retailers themselves.

Some of us indeed, are spending as if (sorry about this) there were no tomorrow — and there, perhaps, is the rub.

Public finance cuts, tax increases, VAT hikes, fears of job losses, you name it, are in the offing, so some of us may be enjoying jam today instead of waiting for tomorrow —when we may not be able to afford it any more.

After all, an ironic truth is that many people now have more, not less, disposable money than they had before certain banks had to be pulled out of the financial quagmire. Low interest rates spell lower mortgage outgoings each month for home owners, for example.

Graham Jones, spokesman for Oxford’s High Street Traders Association, was not sure about the truth of that last point — saying that it depended whether you have a tracker or fixed-rate mortgage — but added: “So far, we are very pleased with the way things are going this year. It looks better than last year.”

His comments tie in with national figures. The British Retail Consortium (BRC) reported that high street sales last month were up 4.1 per cent on November 2008 and 3.7 per cent higher than the same month the year before. And figures from the John Lewis Partnership for the week ending December 5 show a 17.1 per cent increase on the same week last year and 15.3 per cent on the year before.

BRC director general Stephen Robertson said: “I’m reassured that retailers are more confident about their prospects this Christmas, but remember: the comparison is with dramatic falls last year.

“There are more customers willing and able to spend now but for many retailers it’s taking even more discounts to persuade them to buy.”

Back in Oxford, Mr Jones added: “Its difficult to say exactly what type of shopping is doing best in the city centre but it seems that the little bit better-off are spending money on things that will last. For instance, Blackwell Bookshop was packed on Saturday and on late-night opening on Thursday.

“Elsewhere I saw consumables discounted by as much as 20 per cent, but customers were still ignoring them and rushing by — though of course they may all be bought up at the last minute.”

He added: “I think the old problem of people refusing to buy before Christmas in the hopes of buying instead during the January sales is largely over now, thanks to the discounting before Christmas.

“But this year people may be buying now, instead of later, as the VAT is due to go back up to 17.5 per cent, from 15 per cent, on January 1.”

He described increased parking charges in Oxford as “negative messages” that were not helpful and likely to drive shoppers to growing out-of-town centres such as Witney.

Trade at the new Marriotts Walk Shopping Centre, in Witney, where parking is free, is certainly brisk during the run-up to its first Christmas.

The centre manager, Lynne Shawyer, said: “Feedback from our tenants is very positive, with all achieving figures above plan. M&S and Debenhams are flying.”

She added: “M&S is already recruiting more staff and is training more people up. “Feedback from customers is also positive and there is plenty of interest in the remaining vacant units.”

The centre has let 85 per cent of its retail space but still has seven small units to let.

Some Oxford residents are now actually driving to Witney to do their Christmas shopping in order to avoid parking charges, Ms Shawyer said.

“You would expect Witney’s free parking to be strained to the utmost at Christmas but a council survey has found it adequate.

“Now customers can park free on the top two levels of the eight available in the multi-storey for five hours instead of the three permitted on the other levels.”

However, in Oxford, Adrian and Alison Shepherd, who now have two shops in the Covered Market — Walking Gear and the Oxford Engraver — are feeling the squeeze.

Mrs Shepherd, who earlier this year started Walking Gear to make better use of space after the City Council increased rents in the market, said: “It’s quieter than it should be and I think people are watching their pennies.

“Colleges are still buying cups and wanting them engraved and good quality pens and things like hip flasks are selling reasonably. But we are definitely hoping for a last-minute rush.

“On the walking clothes side of the business, I am hoping for a white Christmas. Things are picking up now that the weather is colder, with customers coming in to buy warm clothes.

“It is hard to say whether it’s better or worse than last year since Walking Gear is a new business. But more people are shopping online — so now we are trying to get our website better known.”

Nationally, online shopping monitor Kelkoo reckons that sales figures for the six-week run-up to Christmas will show online sales £832m higher than the same period last year.

All the same, on a gloomier note, analysts reckon that, taking all sales together, the fourth quarter of 2009 will show a slight decline for non-food items over the same quarter last year.

As for the stand-off between online and high street, Jonathan Reynolds of Oxford University’s Institute of Retail Management has told The Oxford Times that Oxford shops could be particularly vulnerable to competition from the Internet since online shoppers are often better off, educated people with broadband — just the kind of who are apparently spending money this year on things that will last.

But be that as it may, there is still a week to go — and a week is a long time in retail.