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Brits plan to 'cut back' on Xmas spending

Retailers may be affected by Britons' decision to cut back on their spending for Christmas.

Indeed, a recent study conducted by the Co-operative Financial Services revealed that 70 per cent of people are intending to reduce their expenditure this year.

While parties and nights out were the primary area for savings, spending on Christmas presents, outfits, alcohol and wrapping paper is predicted to decline.

John Hughes, director of retail products a the bank, commented: "It's no surprise that consumers are tightening their purse strings this Christmas, but the scale of the cut backs is perhaps surprising.

"There is pressure to spend money over the festive season - sometimes more than people can afford - so it's good to see people are looking at their finances more carefully and taking a more responsible attitude to spending."

The research comes as R3 revealed that 30 per cent of Brits are expecting their personal finances to worsen during the next six months. ADNFCR-1898-ID-800269689-ADNFCR

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