The credit crunch is forcing people to rethink their Christmas spending plans, one lender has suggested.
According to Abbey Credit Cards, over 50 per cent of Britons are planning on reducing the amount they spend over the festive season this year, while 34 per cent claim they will not be purchasing any gifts for family and friends as they look to cut back on their outgoings.
More than half (53 per cent) will be switching to cheaper or own-brand supermarket items when they shop for festive food, while 34 per cent are looking to cut back on the amount they spend on entertainment.
Callum Gibson of Abbey described the cutbacks as “no surprise”, noting that “making sure you shop savvy” can also help save money.
Abbey’s research follows a similar study by Callcredit, which found that 27 per cent of adults are planning on spending less over Christmas this year than they did in 2007.
By Tom Musk