Consumers are tightening the purse strings this Christmas as new research has found that three-quarters of adults are cutting back on festive spending this year.
Celebrations, party outfits and presents for friends are most likely to be cut back on, according to The Co-operative annual Christmas spending survey.
Of the 3,000 people questioned, 55% plan to reduce the amount they spend on presents, but the majority refuse to pinch the pennies when it comes to Christmas dinner.
John Hughes, director of retail banking at The Co-operative Bank, said: "The results from the findings show that, for the second year running, people are planning to cut back on their festive spending.
"It is a continuing trend, as people are increasingly looking to take more responsibility and control over their money in tough economic times.
"Setting a budget for Christmas and then sticking to this, will allow people to enjoy the festive period, without beginning the new year with a financial hangover."