In the game of chicken between American retailers and consumers this holiday season, the retailers won. For most of November and December, traffic in stores was light, with many people seemingly holding out for the eye-popping bargains of the year before. But figures released Thursday showed that retailers, by keeping tight control over their inventories, were able to avoid deep discounting. And many consumers finally surrendered, buying what they needed in a last-minute sales surge right before Christmas. On Thursday, retailers reported robust December sales gains, suggesting that stores might be in the early stages of a comeback. The industry collectively turned in a 2.9 percent year-over-year sales increase at stores open at least a year, according to Thomson Reuters. Some 75 percent of retailers beat analysts' estimates -- the most companies to do so since March 2007, said Jharonne Martis, director of consumer research for Thomson Reuters. Several retailers -- including Macy's, Nordstrom, Aeropostale, TJX Cos., Ross Stores, American Eagle Outfitters and Limited -- expressed their growing confidence by raising their earnings estimates. 'The window shoppers are turning into spenders,' said Bill Dreher, an analyst with Deutsche Bank Securities. The Christmas results were the latest sign that the economy, while still a long way from boom times, has turned a corner. On Friday, the government is to release employment figures for December that many economists say they believe will show further progress. The International Council of Shopping Centers, a trade group, said that for the crucial holiday shopping season, November and December combined, the industry posted a 1.8 percent sales increase for stores open at least a year, a figure known as same-store sales. That is a marked contrast from the 5.6 percent decline in 2008. By the council's calculations, it is the best seasonal pace since 2006, when sales increased 4.4 percent. December's best sellers were electronics, shoes and toys. A cold spell and snowstorms helped drive sales of clothing and gift cards. The weather also prompted more consumers to shop on the Web rather than at stores. Yet the industry's 1.8 percent increase is not an all-clear signal. Consumers are still not spending at the levels they were before the recession. And stores were measuring their performance against the bleak numbers of 2008. Chains also benefited this winter from an extra selling day before Christmas, as well as pent-up demand from consumers who had been pinching pennies all year. 