However, of the respondents who said they would be spending the same amount as last year, more than half admitted to saving up for Christmas over the last year.
Those who chose not to save said they would use savings, although 35 per cent said they were planning to rely on credit cards and overdrafts to cover festive costs.
Meanwhile, experts have warned that high street retailers could see their worst Christmas in 35 years and a number of stores could be forced to close.
The Office for National Statistics reported that sales volumes fell by 0.4 per cent between August and September.
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