Four in 10 are planning to ‘downsize’ their festive celebrations this year – by making do with decorations from Christmas past and setting limits when it comes to seasonal spending.

A poll of 2,000 adults, who celebrate Yuletide, found 51 percent are cutting their budgets this year, but don’t want to compromise on too much.

To do so, 16 percent of parents are not getting gifts for each other so they can spend more on the kids, and 24 percent are putting a stop to buying presents for people outside of their immediate family.

While 18 percent won’t be sending Christmas cards, and 20 percent are putting a ‘present limit’ in place.

Exactly half will be doing their festive ‘big shop’ at a budget supermarket, so they can make their money go further.

When it comes to the big meal, one in 10 will be buying a smaller turkey and eight per cent will be opting for a cheaper alternative.

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While 12 percent will even forego the crackers when it comes to the big meal on December 25th.

On the other hand, 23 percent refuse to compromise the quality of their Christmas dinner – and a further 21 percent will not be sacrificing any meat or veg to make a saving.

Alex Sitaras, head of savings at Skipton Building Society, which commissioned the research, said: “For many, it’s been a year of being really cautious with cash, and there’s no getting away from the fact that Christmas is often the most expensive time of the year.

“This data shows that people are more conscious than ever before about how much they’re spending this festive season.

“Christmas is about spending time with your nearest and dearest, rather than spending money, and there’s no doubt that there’s cash to be saved without having to compromise too much on what your big day looks like.

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“A downsized Christmas could be the answer if you’re looking to spend less, and get your 2024 off to a positive start.”

The study found that 72 percent are worried about affording the cost of the season this year, at least to some degree.

Eight in 10 (81 percent) say it doesn’t matter what their festive budget is, as long as they’re with their loved ones.

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However, more than a third (35 percent) admit to finding it hard to cut back on their Christmas spending.

In a typical year, adults who celebrate will spend £550 each on average on presents, socializing, decorating, and other associated costs.

But for Christmas 2023, this figure is set to drop to £476 per person on average, a reduction of 13 percent.

Just over six in 10 (61 percent) also believe they’ll have to dip into savings to pay for Christmas this year.

Although a third (33 percent) confess they’re actually looking forward to a more scaled-down celebration, according to the OnePoll.com figures.

Looking into the new year, 66 percent are feeling hopeful for the year ahead.

And 68 percent will be looking at the ways they can save money in 2024 – by scouting for the best savings rates, selling unwanted items, and using banking apps to monitor spending.

Alex Sitaras, Skipton Building Society’s Savings chief, added: “The value of saving money in 2024 goes beyond simple financial prudence.

“It’s an investment in peace of mind, providing a safety net that allows us to focus on our aspiration knowing we have a solid foundation beneath us.

“And if that starts with a cut-back Christmas in 2023, then any finance expert will tell you it’s a smart first step to take.”

1. Reusing old decorations

2. Setting a spending limit

3. No buying presents outside of my immediate family

4. Using an artificial tree

5. Setting a present limit per person

6. Not sending cards

7. Only buying food people will eat – e.g. won’t buy sprouts if no one likes them

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8. Buying fewer/less expensive presents for the kids

9. Only buying for children in the family

10. Forgoing Christmas crackers

11. Re-gifting unwanted gifts

12. Only giving out cards to people I see in person, to save on stamps

13. Buying frozen meat or veg instead of fresh

14. Limiting the amount I will travel

15. Reducing the food served on Christmas day

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16. Buying a smaller turkey

17. Buying gifts from local shops

18. Buying a cheaper alternative to turkey

19. Inviting less people to the Christmas dinner

20. Inviting fewer relatives around in general

21. Only putting on the Christmas lights for an hour a day to save energy

22. Walking to see the local lights on people’s houses rather than paying to see the light displays e.g. at Longleat or the National Trust

23. Not putting a tree or decorations up at all

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24. Organising a family Secret Santa to cut down on presents

25. Getting a smaller tree

26. Stopping doing Christmas Eve boxes

27. Making our own decorations

28. Having an alcohol free Christmas

29. Won’t be inviting the in-laws

30. Won’t be taking the kids to see Santa