Brits are planning to put the brakes on Christmas spending this year as a report from Morgan Stanley Consumer Banking shows that credit card spending is to be down by ten per cent this festive season.
The banking group believes that people will cut back on socialising the most, spending a third less on going out than they did last Christmas.
Marketing director at Morgan Stanley Consumer Banking, Patrick Muir said: "The latest information from our index suggests that Britons will be spending sensibly in the run-up to Christmas.
"This prudence may mean a leaner Christmas but it is just as likely to reflect the growing savviness of British shoppers who now demand more for their money."
The index also shows that it is not just socialising people will be cutting back on - Morgan Stanley also predicts that individuals will be reining in spending on shoes, clothes, and cosmetics.
Perhaps surprisingly, men will use their credit cards more in the run up to Christmas and have been predicted to spend £1,052 on their plastic friends compared to women, who will spend around £800.To read more about Credit Card News, click here.
© Adfero Ltd