More than two-thirds of British adults plan to cut back on their spending this Christmas because of the cost of living, a survey has revealed.

Despite having spent the last two Christmases under social restrictions, around 75% of adults are not planning a “big celebration” and 70% are cutting back on last year’s days, a survey has found Accenture found.

Almost half plan to cut back on buying gifts (49%), eating out (46%), socializing, and buying food and drinks for consumption at home (35% each).

Of those planning to cut back on spending this Christmas, almost half (45%) plan to buy food from budget supermarkets.

Only two in five (39%) plan to take advantage of sales such as Black Friday more than last year.

Of those minorities planning a big holiday (16%), only 38% said they would have to dip into their savings, while 44% would shop early or spread the cost.

Kelly Askew, head of retail strategy and consulting at Accenture, said: “The fact that shoppers are planning to spend less on gifts this year shows just how low spirits are in the run-up to Christmas.

“As consumers start shopping earlier each year in an effort to spread value, it’s time for retailers to get creative with their marketing and offer customers ‘solutions’ rather than just ‘items.’

Retailers should also strive to educate consumers and families, helping them shop economically and sustainably wherever possible. Taking clear steps to support people during this difficult time is the right thing to do and will drive greater loyalty among consumers.”

The survey also revealed that 80% of people have already downsized in one form or another in the last six months.

Parents in particular are cutting back: 73% of those with children aged 12 to 18 are already making or intend to make a conscious effort to reduce the amount of heating they use, compared with 56% of respondents without children.

About 71% of the same parents are reviewing their food shopping habits to reduce waste and increase food intake, down to 54% without children.

YouGov 4,232 adults were surveyed online from October 6 to 10.