A Christmas retail survey has found that 57% of UK consumers intend to spend the same this festive period as they did last year, with 24% spending less and 19% expected to spend more.

However, according to the report by business advisory firm Deloitte, consumers are planning to spend an average of GBP655 on gifts, socialising and food and drink this year - 7% less than last year.

Compared to the 7% growth the year before, this could be interpreted as a 14% drop in confidence.

Despite this, it is socialising where the biggest cutbacks are planned - at 12% less than last year.

Tarlok Teji, head of retail at Deloitte, said: "Although this Christmas may be one of the toughest in decades, retailers have been toughing it out for most of the year. We think the talk of Christmas being cancelled is overplayed.

"Whilst total planned spend including socialising may be down, the majority of consumers intend to spend the same as last year.

"Retailers will need to understand their consumers better than ever and offer relevant products to take a share of the Christmas wallet."