Over two thirds of UK adults are planning to cut down on their spending this Christmas as a result of the ongoing cost-of-living crisis.
According to a survey by Accenture, 75% of adults are not planning a “big celebration”, with a further 70% aiming to cut back on last year’s celebrations.
Some 46% of people are planning to cut back on eating out and 35% are going to cut down on food and drink to consume at home.
According to the research 38% said they will have to dip into their savings, while 44% will be shopping early or spreading the cost.
“The fact that shoppers are planning to spend less on gifts this year reflects just how low the mood feels in the run up to this Christmas,” Accenture retail strategy and consulting lead Kelly Askew said.
“As consumers continue to start their shopping earlier each year in a bid to spread the cost, it’s time for retailers to get creative with their marketing and offer ‘solutions’ to their customers rather than just ‘items’.
“Retailers should also look to educate consumers and families, helping them to shop economically and sustainably where possible. Taking clear steps to support people during this difficult time is the right thing to do and will encourage more loyalty among consumers.”
The survey also found that 80% of people have already made cutbacks in some form in the last six months.