I have to be honest here and unless I am being particularly dense, or unfortunate, I am just not seeing these "massive" price cuts "across the board" on items.
My wife dropped a "subtle hint" the other day that the tumble dryer needed replacing. So we went to Currys to check out the bargains, hoping to find something cheaper than the £200 we paid for the last one (we have to get a condenser machine, rather than just a vented one which makes it more expensive).
The result? Even with a "reduction" of £70 in the sale we still paid £199.71... and that was the second cheapest condenser dryer they had in the shop by a matter of pennies only.
So while a massive sale may well be on, it seems that it is the items that people MAY by are the ones being reduced. I think most other items, certainly electrical items, are not subject to such heavy cost cutting and those that are are carefully selected.
Still, the longer these sales go on the better for the consumer I suppose, though what the future holds for the shops is open to question.