In its 2023 Christmas Report, Pureprofile found 57% were curtailing Christmas celebrations this year, with 42% buying fewer gifts, 37% reducing food and drink purchases and 57% avoiding travel.

However, 55% were still feeling positive about the Christmas period.

Pureprofile said the results were similar to in other countries, with 65% in both Australia and New Zealand and 73% of Singaporeans reporting that they expect cost-of-living concerns to hold back their Christmas.

The US was an outlier, with 53% saying their spending at Christmas would be unaffected by cost-of-living worries.

In the UK, the average food and drink budget was £200, which is level with two years ago, and around a quarter also looking to find cheaper alternatives.

Meanwhile, 24% in the UK said their ultimate holiday wish would be the gift of lower energy bills this year.

Martin Filz, chief executive at Pureprofile, said: “This marks yet another Christmas season characterised by tighter budgets and reduced spending.

“While this is not surprising, it is interesting to note where Brits are making the most cuts – discretionary spending on travel and gifts are often the first to be reduced in challenging times.

“However, we’re also now looking to the likes of essentials like food and drink to recoup some celebration costs. We’re seeing a thriftier UK that’s placing an emphasis on thoughtful and intentional spending; where the holiday spirit is retained, but celebrations take on a simpler, more meaningful tone.”