NEW YORK (AP) — Shoppers who waited until the final days before Christmas were rewarded with big bargains and thinner crowds. But their strategic deal hunting reflects why stores may not ring up the sales they want for the season.

Although fresh data on the holiday shopping season won’t be out until Christmas, analysts expect growth from last year to be relatively modest. Several factors have dampened shoppers’ spirits, including fears that the economy could fall off the “fiscal cliff,” triggering tax increases and spending cuts early next year.