The gift budget is the most likely to see cuts
As we step into December, the latest YouGov data finds that half of Britons (52%) will spend less on Christmas due to the rising cost of living.
Just 3% expect to spend more than usual, while a third (36%) say they will spend as much as they normally do on Christmas.
These figures are similar to data from last Christmas, when 55% said they would spend less, although there has been a small rise in the proportion of people saying they expect to have a ‘normal’ Christmas (36% this year compared to 31% twelve months ago).
With the rising cost of living impacting people’s wallets, many are cutting back on gifts and festive activities. Of those who said they would be spending less this year, 86% say they will cut back on presents, while over half are limiting festive activities such as meals out (59%) and outings to pantomimes and Christmas markets (56%). The Christmas dinner table may also look a little different for many this year, with half of those making cuts deciding to spend less on food (54%).
Christmas is traditionally an important time of year for charities, with many asking for donations to help the most vulnerable in the festive period. However, this year almost four in ten (38%) adults who will spend less say that they will cut back on charity donations.
Family gatherings may be less well populated too, with 33% of those making cutbacks saying they will do so on travel costs.