children will bear the brunt of cuts in Christmas spending as hard-pressed parents reduce their outlay on gifts, a survey says.
Of parents with up to two children, 53 per cent will reduce their spending, they told a survey commissioned by retail chain TK Maxx. Nearly four in five (78 per cent) of these parents plan to spend £300 to cover the cost of all their presents. Overall, 70 per cent of people with children under 18 were less than enthusiastic about Christmas.
Six out of 10 of people aged 45 to 64 who were questioned said they are not looking forward to the festivities.
Almost three in four adults said they would cut their spending on presents, decorations, food, drink and entertainment. Almost half (45 per cent) of adults surveyed said they had a budget of £200 to buy presents for everyone.