// Consumers to rein in spending on the final day of shopping before Christmas
// Sales on Christmas Eve are expected to drop to £1.13bn, data reveals
A survey by the Office for National Statistics found 79% of consumers plan to buy fewer gifts this year and 73% say presents will be cheaper compared to last year.
Sales of second-hand items are expected to increase as shoppers turn towards cheaper and more thoughtful presents.
Shoppers stocking up on food and drink for the big day are also set to rein in their spending.
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Over two-thirds (62%) are planning to purchase less expensive food and drink as cutting back on the amount of food and alcohol is a priority for 56% of consumers.
Meanwhile, 58% said they plan to eat out less.
Retail sales on Christmas Eve are forecasted to drop to £1.13 billion, down from £1.5 billion last year, making it the lowest spend of any day in the run-up to Christmas.
This comes as many consumers started their Christmas shopping early this year to get ahead of the festive rush and bag large Black Friday discounts.