Eight in 10 Britons plan to spend less on Christmas than last year, new research claims.

The research, from the Institute of Customer Service (ICS), also shows that 82.8% of women are more likely to spend less than last year on Christmas, compared to 76.3% for men, while  25.2% of 16 to 24-year-olds plan to spend more than in 2007, compared to just 13.9% of 45 to 54-year-olds.

The youngest age group in the survey were the most optimistic about spending, with 25.2% of 16 to 24-year-olds saying they were likely to spend more than in 2007, compared to just 13.9% in the 45 to 54-year-old age group.

Peter Burgess, director at retail recruiter Retail HR, told Recruiter: “I think this is inevitable.  With less bonuses, less job security and tighter credit of course retail sales will be depressed.  On the other hand, there has never been more bargains in the shops and it was interesting to note that retail sales figures yesterday showed that they had been surprisingly resilient.”