More than two thirds of adults in the UK are planning to reduce their spends this Christmas, new data shows.
Depsite spending the past two festive seasons under Covid restrictions, the rising cost of living means that 75% of adults aren't planning on having a "big celebration" and 70% are cutting back on last year, the poll for Accenture found.
The survey also shows that 49% of people won't be spending as much on presents this year, with 46% not eating out as much and 35% cutting back on their socialising.
Of those planning to reduce spending this Christmas, almost half (45%) are planning to buy food from budget-friendly supermarkets.
And just two in five are planning to take advantage of discount events such as Black Friday more than they did last year.
On the other hand, 16% of those surveyed are planning a big celebration.
But 38% said they will have to dip into their savings, while 44% will be shopping early or spreading the cost.
Kelly Askew, retail strategy and consulting lead at Accenture, said: "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.
"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.
Parents in particular appear to be cutting back, with 73% of those with children aged 12 to 18 already making, or intending to make, a conscious effort to reduce the amount of heating they use, compared with 56% of respondents without children.
Some 71% of the same parents are re-evaluating their food shopping habits to cut down on waste and make food go further, dropping to 54% of those without children.
YouGov surveyed 4,232 adults online between October 6-10.
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