NEW YORK (CNN/Money) - With just one weekend left before Christmas, this is make-or-break time for the nation's retailers.

If all goes according to plan and the procrastinators finally hit the panic button, stores could see blockbuster sales this Saturday and Sunday, typically the busiest shopping weekend of the year.

According to the National Retail Federation (NRF), the average consumer has finished about 46 percent of holiday shopping so far. Last year at this time, consumers had already wrapped up more than half of their gift buying, the group said.

"There is little doubt that stores will be packed with last-minute shoppers," NRF CEO Tracy Mullin said. "The good news for retailers is that it appears consumers have much more of their shopping left to complete."

Robert Brusca, retail analyst and chief economist with FAO Economic, agreed.

"To me, the concern right now is that holiday shopping has been spotty. We had a great Black Friday, the week after that was miserable and then sales ticked up again after that," Brusca said, referring to the period starting after Thanksgiving.

"If there is a sense of immediacy for consumers now, it stems from the fact that this is the last weekend before Christmas," he added.

As the holiday shopping season closes in on its final lap, merchants are upping the ante in their fight for consumer dollars.

For instance, Sears (Research), which is opening stores at 7 a.m. on Saturday, is sweetening its holiday deals for shoppers with a $10 gift card to the first 100 customers at each of its department stores.

J.C. Penney (Research) will keep its stores open until midnight this Saturday as part of a "17th-hour holiday blowout" promotion that offers up to 60 percent off on some holiday merchandise.

Kohl's (Research) also stepped up its promotional activity. The retailer will keep stores open until midnight on Friday and Saturday, offering both night owl and early bird specials with up to 60 percent off.

Wal-Mart, (Research) which made a major blunder and disappointed shoppers by holding back on discounts on Black Friday, is cutting prices on tech gadgets such as portable DVD players and recorders and high-definition TVs.

And if all these efforts aren't enough to juice last-minute sales, help may be on the way in the shape of Old Man Winter.

Planalytics, a firm that advises retailers on the weather, forecasts that much colder temperatures in the East in coming days should funnel shoppers into stores.

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"Over the final days before the Christmas holiday, winter-like weather sets in over major population centers in North America," said Paul Walsh, senior business meteorologist with Planalytics.

As these conditions relate to consumer spending, Walsh anticipates that "the return of cold weather and the possibility of snow along the eastern seaboard will move the emphasis back to seasonal items such as cold-weather apparel, heaters, and other 'keep warm' products."

"Apparel is a category that hadn't yet seen a trigger to boost sales," said Walsh. "Rule of thumb is if you see consumers wearing coats, hats and gloves when they're in a department store like Macy's, that's probably what they'll also be looking to buy. And we're seeing that."

Meanwhile, gift shoppers have been snatching up gadgets and gizmos with a frenzy this season. Retailers such as Best Buy (Research) and Target (Research) say they're struggling to keep pace with demand for hot items like Apple's iPod and Nintendo game consoles.

"Electronics continue to lead all categories in year-over-year sales growth for the holidays," said Britt Beemer, senior retail analyst with America's Research Group (ARC), a Charleston, S.C.-based consumer research firm.

"Electronics is particularly hot cause there is nothing else that has created much excitement for consumers," Beemer said."Our research indicates that 44 percent of shoppers have completed their holiday shopping and about 20 percent still have to start it. This weekend we think more dollars will be spent overall. Apparel sales could benefit form colder weather but watch out for electronics to come out on top again."