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Britons 'slash Christmas Spending'

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Britons are planning to slash their Christmas spending by a fifth this year by making presents and cutting back on luxuries, a survey suggests.

Around 61% of people said they hope to cut the cost of the festive season by an average of £109, according to National Savings and Investments.

The most popular way to save money is by agreeing a spending limit for presents with friends and family, cited by 68% of people who are cutting back, while 65% said they had agreed to buy fewer gifts this year.

Just over half of people said they hope to save money towards the cost of Christmas by cutting down on unnecessary expenditure, such as buying lunch at work or taking taxis, while 34% plan to make presents, decorations and cards themselves and 22% hope to earn money from their hobbies to subsidise the cost of Christmas.

A further 13% of people said they are not planning to buy any presents, decorations or cards at all.

Tim Mack, savings spokesman at NS&I, said: "By planning and being more resourceful, our research shows that people could save around 20% of their Christmas spend.

"Shopping smarter or setting a spending limit can ensure you still have a merry Christmas without a financial hangover."

But not everyone is being careful this Christmas, with only a fifth (20%) of people saying they have set aside money to cover the cost of the festive season, down from 29% two years ago.

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It looks like the retailers have noticed.

Stores in price war to tempt wary shoppers

Shops are slashing prices by up to 65 per cent following warnings that families are cutting spending ahead of a frugal Christmas.

Analysts predict stores will be forced to offer genuine and significant discounts to end a ‘stand-off’ with savvy shoppers who are waiting closer and closer to Christmas to get better deals.

The big supermarkets are running half-price deals on food and drink, while many of the ­biggest high street names and even internet retailers such as Amazon have big reductions on selected merchandise.

It is clear stores face an uphill struggle to get consumers to part with their money, against a background of rising bills and low pay rises.

Households are also fearful about how the increase in VAT to 20 per cent in the new year will impact on their finances.

One study by the Consumer Financial Education Body suggests spending could be cut by as much as £1.3billion compared with 2009 as the nation has ‘adapted to austerity’.

And research by Ipsos MORI Retail shows that around one in four plan on spending less money on their food, while one in five will cut down on presents.

Edited by fellow
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I am not buying anything for anybody and I have forbidden everybody to buy me anything.

I have however got a piece of flattened cardboard to give to my children- well, they said they wanted an ex box.

Those make for excellent sleds, very thoughtful :P

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It looks like the retailers have noticed.

Stores in price war to tempt wary shoppers

This is where the CON of the bone-us cultcha bites everyone on the ass!

Coz it only works with expanding, boosted economy!

It's a spiral downwards when there is economic spending contraction - as workers such as supermarket workers share less and less in bonuses, in turn buy less and less, relying on a pitifully low standard pay (As thousands of EX estate agents now know too!)

Every worker suffers far more than big business (who have stiffed them in the boom times knowing what is coming up!) when it comes to the 'recession' crunch!

Proof in the pudding is recently seeing the City Financial gangsters having their wages switched from bonus to main minimum salary of 70-100,000 min. for the plebs.

God knows what the executives have talked shareholders into awarding them higher up in the board rooms!

*** (The avoid extra tax on bonuses 'excuse' was a sham to put ordinary people off the scent)

To finance themselves during the 'economic lull' - they have recently upped further all the fees and charges on your pensions/loans etc

Edited by erranta
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