The credit crunch is hitting preparations for the festive season, with half of Britons dreading the run-up to Christmas and many planning to cut back on presents and parties, according to research. A survey of 3,000 adults showed that on average they will spend less than ВЈ500 each this year, a reduction of over ВЈ100 on previous Christmases.
Many of those surveyed by hotel chain Travelodge said they would buy less expensive presents, cheaper food and booze, attend fewer parties and cut back on decorations. More than half of those polled said they would cut back on the number of gifts and cards, especially work colleagues, neighbours and friends. Two out of five said they planned to shop in budget supermarkets for their festive food, while two thirds were hoping to avoid hosting a Christmas Day dinner because of the cost.
Mark Kemp, Travelodge Reservations Director said: “Our report highlights the credit crunch is certainly changing consumers’ attitude and buying behaviour.