The high street bank HSBC claims 80% of people surveyed will go as far as to drop friends and relatives off their Christmas lists rather than splash the cash on presents!
Twenty per cent of families say they will be tightening their belts this year, spending an average of 26 per cent less than they did last Christmas.
HSBC says the average family Christmas budget is now £378 - but some people will borrow to fund the holiday season (20 per cent) whilst 40 per cent will raid their savings to foot the festive bills.
Ten per cent of people will even raid their cupboards for unwanted pressies and pass them on as Christmas gifts to others.
HSBC said: "Households are looking to get the best value for their money, with discount vouchers and retailer reward schemes popular methods of saving cash."
Have you got a set budget for Christmas?
Will you be spending less this year?
What is your top tip for money-saving over the festive period?