Yes. I think it is a combination of factors. First, with credit so tight for the retailers this year, they are bringing in less merchandise. Therefore they will have less stuff to clearance if it doesn't sell. Second, with shoppers in the most fiscally conservative mode they have been in decades due to the economy, the retailers don't have much of a holiday season to look forward to. These two factors feed on each other such that stores are unlikely to feel the need to slash prices to move merchandise and without the slashes shoppers are less likely to buy.
The recession of 2001 was not very deep though customers were careful. It was an excellent time for high quality items at clearance prices because the stores were fully stocked and needed to clear inventory. That does not appear to be happening this year. The stores have also wised up that we give gift cards rather than purchase full price products and the recipient can stretch the gift further with the after holiday sales. For the past couple of years the after holiday sales have not included heavy price cuts because they know those gift cards are burning holes in pockets to be spent.
I let my mystery shopping business 'buy' my laptop 3 years ago to minimize my bottom line profit. Last year my business 'bought' me a new desktop to replace a 5+ year old one. This year business has been off enough that with this year's generous mileage deduction and such I will have no paper profit, so it doesn't even make sense for me to get a new laptop in 2008 unless the price is dirt cheap.