Christmas spend set to be maintained at last year’s levels

Despite concerns that an economic slowdown will cut consumer spending on the High Street this Christmas, 70% of Brits are still planning to shell out around the same this year compared to last Christmas, according to research by HSBC.

The study found that the average person will spend £479 on cards, presents, accessories and festive fare. The older generation, the 44-55 year olds, are expected to be the biggest spenders this season spending an average of £579.

Consumers in the North East and Wales are expected to be the most generous this Christmas spending an average of £554 each, while those in the South-east are planning to spend an average of £426. Women plan to rein in their spending this year with 52% planning to spend the same compared to 59% of men.

Some 40 percent of those surveyed are planning to chop someone off their Christmas gift list with children, surprisingly, turning out to be the biggest losers. Of those surveyed, 9% admitted that they would not be getting their own children as many gifts, 12 % will be cutting back on gifts for their friend's children and 11% will be cutting back on gifts for their nieces and nephews. Next in line to feel the pinch this Xmas will be friends whilst 11% of those surveyed said they would not be shelling out on gifts for their own siblings.

Decorations are being recycled as well, as almost 52% of people will spend less or next to nothing on updating them this year.

Debbie Thomas, head of savings at HSBC, said: "Everyone knows that Christmas is an expensive time but by tucking away the cash, albeit sometimes small amounts, it can really add up to make next Christmas much more manageable. Saving a small amount every month will help meet the needs of the average shopper's Christmas expenses.

The festive season can also be a good time to encourage youngsters to get into the swing of saving. While many may not be keen to forego the latest toy or gadget for a savings account, encouraging them to put some cash aside can really help them to get into the habit early. Likewise if children receive money at Christmas they might want to put it in a savings account rather than spend it."