Christmas is always an expensive time but it is even harder this year because of the huge strain on household finances caused by soaring food and energy bills, with research pointing to half of Britons reining in their spending on presents and celebrations.
The average person has a budget of just under £400 for Christmas, according to the annual spending forecast prepared by the accounting company PwC, which estimates the cost of living crisis will result in consumers spending £1.8bn less overall than in 2021.
