The amount most Moneywise.co.uk users plan to spend on Christmas has dropped compared to last year, our new poll results reveal.
When asked how much households plan to spend this Christmas, the most popular response saw over a quarter (28%) select between £1 and £250.
Yet last year most people (26%) who answered the same poll said they planned to spend a larger £251 to £500 over the festive season.
It could be that the rising cost of living has had an impact on how much disposable income households now have. The latest Consumer Prices Index (CPI) measure of inflation stood at 3% in October 2017, which compares to 0.9% in October 2016.
However, while most people are cutting back, the number of big spenders has risen this year with nearly two in 10 (18%) saying they plan to spend between £501 and £750, and over one in 10 (15%) planning to spend over £1,001.
In comparison, in 2016 just 12% said they planned to spend between £501 and £750, while 11% said they planned to spend £1,001 or more.
See the pie chart below for the full poll results.
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