The festive season is no longer on the horizon, it is almost here!

It is a time of excitement, for young and old.

Yet according to a new study by professional services organisation KPMG, over a third of UK consumers are planning to cut back on their Christmas gift spending. That is being put down to yet another year of soaring prices.

The research also reveals that a third of UK shoppers are intending to spend less this year when it comes to Christmas.

The ongoing cost of living in the UK has posed problems for millions of people. Household budgets have been squeezed because of the rise in inflation, and increases in mortgage, rental rates, and other bills such as electricity and gas.

Christmas dinner could also cost 13% more than last year, according to Good Housekeeping magazine’s Cost of Christmas Dinner survey.

Shoppers will have to pay a minimum of £33.08 to feed eight people, the study suggested. That means at least £4.14 per person, compared with £3.67 in 2022.

The survey had analysed the cheapest possible price for a basket of 11 dinner items, from cranberry sauce to mince pies.

A lot of consumers will have been looking for ways to cut costs and prioritise their essential purchases, grab some last-minute bargains, and even ensuring they have enough money to get them through the first month of 2024. Knowing just what your finances can and can’t do for you is crucial.