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Sandra Halliday Published
November 28, 2025
As December looms, UK families are cutting back on their Christmas spend this year and some of that spend will be via credit, suggesting that as payment won't be made until next year, it could dent spending in January and February.
A study from audit, tax and consulting firm RSM said families expect to spend 13% less this Christmas at £602, down from £694 in 2025. And when inflation is added into the mix, that 13% drop would be even greater.
And as many as 26% of consumers will fund their Christmas shopping by credit, despite rising interest rates. While households clearly aren’t being put off by high interest rates, the borrowing is also likely to store up problems for their capacity to spend in 2025.
Credit options include credit cards, loans, overdrafts and BNPL.
That said, over a third (37%) of consumers plan to use regular income to pay for Christmas and almost a quarter (23%) will use their savings.
The biggest cutbacks in Christmas spending will be on homewares (46% will spend less), clothing (42%) and socialising (41%). And the top areas that consumers plan to spend more are on Christmas dinner (25% will spend more), food and drink at home (24%), and gifts (23%).
Jacqui Baker, head of retail at RSM UK, said: “Families are having to make hard decisions this year as the cost of living continues to bite. Savvy shoppers will be on the hunt for a bargain, so retailers will have to work hard to encourage consumers to spend; potentially extending discounting through December to shift stock before the end of the Golden Quarter.”
And senior analyst Robyn Duffy added: “Families stand as one of the most vulnerable groups amidst the current economic landscape. Almost all respondents (91%) who are parents were concerned that high-interest rates over the next 12 months would significantly impact discretionary spending. Additionally, 93% expressed apprehension about the escalating cost of goods affecting non-essential expenditure.
“While the Consumer Price Index is on a downward trend, it merely signifies a deceleration in the pace of rising costs. Overall, expenses continue to escalate year on year, placing a considerable strain on families. Although interest rates may have reached their peak, giving a semblance of stability, the prevailing outlook suggests they will persist at elevated levels for some time yet.”