Christmas squeeze for families this year

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This year could mark a return to simpler Christmas celebrations as research shows that over half of people are planning to spend less money during the festive season.

According to the survey by Norwich and Peterborough Building Society, 68 per cent of those who plan to cut back said they would save money by buying fewer or less expensive presents and ten per cent said they would be spending less money on decorations.

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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