A YouGov poll for the charity Barnardo’s found that 47 per cent of parents with children under 18 years old said they would limit the amount of money they spend on presents, while 55 per cent will cut back on what they spend on food and drink.
The survey of 1,053 parents also found that 42 per cent of parents are planning on “reigning in” Christmas activities spending this year and spending less on entertainment for their children.
Just 18 per cent of respondents said they had no plans to reduce their spending this year.
The survey comes as Tesco’s annual Christmas report found that Britons plan to eat fewer turkeys and more Brussels sprouts this year.
The survey of 2,000 adults found that 58 per cent are changing their approach to Christmas this year in order to save costs.
While Christmas turkey will still be the go-to option for 42 per cent of people, this has dropped from 64 per cent in 2018.
Just 30 per cent of 18 to 34-year-olds will buy a turkey this year, with just 17 per cent of young people saying they plan to eat a Christma pudding.
Respondent’s to Tesco’s survey added that they will be saving costs by limiting the parties they attend this Christmas season.
Half of respondents (47 per cent) said they plan to have fewer festive nights out this year, while a fifth said they would host family and friends at home instead.
Alessandra Bellini, chief customer officer at Tesco commented said: “For the last few years, celebrations have looked a little different, and with many currently facing a squeeze on their finances, Christmas 2022 will certainly be like no other.
“Our report shows that people are looking for different ways to make the season special, whether that’s adding new twists on traditions, bringing back nostalgic festive favourites or seeking out ways to spend less without having to compromise quality.”