The poll of 2,772 adults who celebrate Christmas found people wanting to save money plan to reduce their spend from an average of £485 to £259.
A combination of the cost-of-living crisis (66 per cent), worries about gas and electricity bills (42 per cent), a reluctance to get into debt (24 per cent), and trying to be thriftier (39 per cent), are propelling people to tighten their belts.
In a bid to cut outgoings this year, more than half of these respondents (56 per cent) will spend less per person.
While 35 per cent won’t be buying gifts outside of their immediate family, such as for friends or work colleagues, 15 per cent will only buy presents for children in their family.
However, the research, commissioned by Oxfam, brings some comfort, with almost three quarters (74 per cent) saying meaningful gifts, that don’t cost a lot, are best.
Making money stretch
Lorna Fallon, director of retail for the charity, said: “Giving presents shouldn’t be about how much you spend.
“This year we hope people won’t feel pressurised into spending more they can afford, especially at a time where many people are worried about the cost of living.
“Bringing loved ones’ happiness on Christmas day does not need to be expensive, but it can be thoughtful.”
The study also revealed 30 per cent are scared this will be a difficult winter financially, with one in 10 worried their kids won’t have enough presents this year.
And 39 per cent want their money to go further with presents.
It also emerged 28 per cent feel pressure to buy gifts at Christmas, with nearly a quarter (24 per cent) relieved they have agreed with family and friends to cut back on giving this year.
Although 37 per cent feel guilty when someone buys them a gift but they don’t have anything to give them in