British families are cutting down on spending this Christmas due to the financial downturn, according to new research.
The Birmingham Midshires bank reports that people will be spending an average of £604 on festivities this year, compared with £706 last year and many will be embracing money-saving traditions such as eating Christmas dinner at home rather than going out.
However, a 25 per cent of people have already saved enough to pay nearly all of their Christmas spending.
Ten per cent of households say they will resurrect traditions such decorating the home with holly, ivy and mistletoe and those in the West Country report that they would be putting up hand-made decorations such as paper chains.
Only 11 per cent of people say they will use their credit cards to pay for this year's festivities, compared with 41 per cent in 2006.
Meanwhile the Guardian reports that the owner of Marks & Spencer, Sir Stuart Rose, has predicted that people will shop sparingly this Christmas rather than buying things they do not need.
Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.