In an effort to make sure that they do not run up a huge debt, Britons are planning to spend 10% less on gifts and entertainment this Christmas, according to a survey by savings provider ING Direct.
The average person plans to reduce the Christmas spending from £548 in 2009 to £490 this year.
In 2009, shoppers ended up an average £380 in the red covering the cost of the festive season, taking eight weeks to pay off the debt.
Nearly a third of those questioned said they plan to dip into their savings to pay for Christmas this year, compared with just 11% who did so in 2009.
The study also found that men are planning to reduce their spending during the festive season by £100, while women expect to spend just £30 less than 2009.
Richard Doe, chief executive of ING Direct, said: "It seems that Britons are determined to spend the new year rebuilding their savings balances, rather than paying off large credit card bills, which can only be a good thing for family finances."
A survey by Money Dashboard confirms that 35% of shoppers plan to cut their Christmas spending to stay out of debt, and 31% plan to buy less Christmas presents than last year.
