UK shoppers plan to slash holiday gift budgets

STORY: Source: Kantar

47% of Britons say they plan to spend less on Christmas this year, according to a market research firm

One in three of those shoppers plan to cut their gift budgets for close contacts by nearly $30 per person

The UK has been dealing with surging food and energy costs, and a weak pound

Source: Kantar

And 37% of consumers say they are struggling with their financial situation

Source: GfK

Consumer confidence in the UK is near record lows

With consumers reining in their spending amid high inflation

Several British retailers have warned about their profit outlook this month