Brits are set to rein in their spending over the festive period as fears of debt mount, says a new survey.
Accountancy firm Deloitte has said cautious Brits will spend £400 million less this year on Christmas gifts and festivities, pulling down the annual Christmas spend to £14.7 million.
Deloitte says Brits have become more canny when it comes to spending and many are expected to shop online or hold off buying presents in the hope retailers will slash prices.
"Consumers are better informed and choosier than ever before. In a Christmas market where pundits have predicted 'Retail Armageddon', the savvy shopper may well delay shopping in the hope that retailers will cut prices to stimulate demand," said Sharon Fraser from Deloitte.
The firm's survey revealed money-conscious Brits are also set to shun their credit cards in favour of cash and debits cards so they do not have a mountain of debt to face once the festivities are over.
As UK household debt rises to over a £1 trillion, it seems Brits are "less happy" using credit to pay for gifts than last year, says Deloitte.To read more about Banking News, click here.
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