Consumers are bracing themselves for a less than merry Christmas as reduced disposable income is forcing them to cut back on spending, according to a new survey.
Six out of 10 of people aged 45 to 64 who were questioned in the survey, commissioned by retail chain TK Maxx, said they are not looking forward to the festivities.
Parents are especially worried, with 70% of people with children under the age of 18 less than enthusiastic about Christmas.
Almost three in four adults surveyed said they would cut their spending on presents, decorations, food, drink and entertainment.
Although they have less money to spend than last year, consumers said they are faced with a dilemma because they do not want to compromise on quality.
Almost half (45%) of adults surveyed said they had a budget of £200 to buy presents for everyone, while 15% plan to spend more than £500.
But 3% of consumers are still ready to splash the festive cash as they plan to spend £1,000 or more.
Hard-pressed parents plan to cut back on gifts for their children. Of those with up to two children, 53% will reduce their spending.
TK Maxx spokeswoman Helen Gunter said: "Our research tells us that Brits are really worried about the cost of Christmas this year."
Pollab surveyed 1,055 UK adults last month.
