Since a new survey shows more than a third of Americans have already finished their holiday buying, analysts say retailers need to cut prices to the bone if they want people to keep shopping.

About 32 percent of the 1,000 people surveyed by America’s Research Group said they finished a majority of their Christmas shopping in November, with 6 percent saying they were done by the first weekend of December. Another 28 percent of respondents said they’re now planning to take a break from shopping.

America’s Research Group President Britt Beemer said, “Many, many consumers, when they got those early bird specials on Black Friday, decided that that was going to be the big purchase for their family … [So now] there is very little retailers can do unless they really have some incredible sales.”

Despite the nation’s economic woes, the National Retail Federation reports sales during the Black Friday weekend reached $52.4 billion, and the group predicts holiday buying this year will be up 2.8 percent over the number seen in 2010.