Does it pay to procrastinate on Christmas shopping?

NEW YORK -- The last Saturday before Christmas is known as Super Saturday in some retail circles because of its recent history outperforming Black Friday by a wide margin.

Who gets the bigger benefit: shoppers or shop-owners?

Two purses, perfume and a few kitchen gadgets later, Frank Destra said it pays to procrastinate.

"Today I probably saved $500," Destra told CBS News.

And he's not alone. It's estimated 75 percent of Americans are not finished shopping for Christmas yet.

Deep discounts drive many to wait until the last minute, like Jenny Markham.

"This sweater, I wasn't going to buy because it was expensive, and I came to see if I would buy it, and actually it was discounted by half," Markham said. "So in this case, it was worth doing."

Eighty percent of Americans are looking for at least 60 percent off or more -- nothing less.

Research analyst Dana Telsey said savvy shoppers will find those impressive bargains this year.

"I think overall, retailers have definitely trained consumers that the longer they wait, the deeper the discount may be," Telsey told CBS News. "This year, in the apparel category, there is a lot of inventory, and certainly you can see discounts of 40 to 60 percent. And as we get closer to Christmas Day, outerwear and seasonal goods -- we're going to see those big discounts."

Compared to last year, shopping at malls is down 20 percent, leaving retailers to count on this weekend to make up for lost sales.

"This weekend is very important, but I don't see malls on life support. You have occupancy rates that still remain quite high, you have retailers whose balance sheets are very strong," Telsey said. "We need more traffic. But overall when consumers are going, they are spending more this year than last year."

Target tends to be one of the busiest stores the weekend before Christmas. One retail expert told CBS News more Americans plan to finish their shopping just before Christmas Eve -- the latest in 12 years.