Almost two-thirds of UK adults will be cutting back their Christmas spending this year due to the cost-of-living crisis. This is according to a new survey of 2000 UK adults, commissioned by the IPA and carried out by Opinium.
Key findings include:
64% of all UK adults will be cutting back their spending versus last year, due to the ongoing pressures of the cost of living.
Almost a quarter (24%) of all consumers stating that they will be reducing their spend on meals out and almost a fifth (19%) reducing their visits to bars and clubs.
Nearly half of Brits (48%) stated that they will be using their savings to finance this, rising to 58% of 18-24s.
Over half of UK adults (51%) intend to spend during Black Friday and a third (33%) are looking to spend up to a quarter of their Christmas shopping budget on Black Friday sales.
Two-thirds of all adults (67%) state that they would be happy to receive a second-hand or refurbished gift, with the most popular options being books (34%), jewellery (21%) and clothes (20%).