Over two-thirds of British adults are planning to cut back on festive spending in 2022 due to a worsening cost of living crisis, according to a survey published on Thursday.
Three quarters of adults are not planning a big celebration, the survey by Accenture showed.
About 49 percent of those surveyed were looking to cut back on gifts, 46 percent on eating out, and 35 percent on both general socializing and food and drink at home.
Of those planning to reduce spending this Christmas, 45 percent plan to buy food from budget-friendly supermarkets.
"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's retail strategy and consulting lead Kelly Askew said.
With inflation running at 10 percent, UK consumer confidence remains close to its gloomiest on record and households have been reining in spending.
Another survey by supermarket group Asda on Wednesday showed UK families were 141 pounds ($163.5) worse off in September year-on-year.
The Accenture data is more pessimistic than a survey published by market researcher Kantar on Monday which said half of Britons plan to spend less on Christmas.
Three quarters of adults are not planning a big celebration, the survey by Accenture showed.
About 49 percent of those surveyed were looking to cut back on gifts, 46 percent on eating out, and 35 percent on both general socializing and food and drink at home.
Of those planning to reduce spending this Christmas, 45 percent plan to buy food from budget-friendly supermarkets.
"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's retail strategy and consulting lead Kelly Askew said.
With inflation running at 10 percent, UK consumer confidence remains close to its gloomiest on record and households have been reining in spending.
Another survey by supermarket group Asda on Wednesday showed UK families were 141 pounds ($163.5) worse off in September year-on-year.
The Accenture data is more pessimistic than a survey published by market researcher Kantar on Monday which said half of Britons plan to spend less on Christmas.
RELATED ARTICLES
