YouGov has confirmed that Britons will spend £22 billion in the run-up to Christmas, according to retailgazette.co.uk.
This is despite the nation spending £792 million less than it did last year, the SixthSense report confirmed. Each household will, on average, shell out £835 for decorations, food and presents - approximately £30 less than in 2011.
Of this amount, around £634 will go towards gifts and £161 on food. A further £40 will be spent by each family on decorating their house, which.co.uk confirmed - even though a separate survey undertaken by YouGov found that many could only 'just about' afford to celebrate Christmas in the traditional fashion.
A research director for YouGov, James McCoy, commented: "Considering the on-going economic uncertainty, it is no surprise that UK households are scaling back their Christmas spending this year.
"That aside, they are still set to spend £22 billion on gifts, decorations and food and drink, which is a pretty remarkable sum and shows that Brits are determined not to let the recession dampen their Christmas celebrations too much," he concluded.
Despite the drop, it seems retailers will still have a busy time on their hands - as well as the chance to handle significant amounts of money. As such, it's crucial they have secure cash collection processes in place, as well as efficient security systems for their premises. This is especially pertinent for those selling DVDs, music, books and clothing, as these are predicted to be the most popular items on shoppers' lists.