Will consumer Christmas spending be slashed due to cost of living pressures?

Man dressed as Santa Claus standing in supermarket, rear view

Festive traders are hoping that holiday and Christmas present spending is one part of the family budget that won't be slashed. Credit: Bec Parsons/Getty Images

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Cost of living pressures and financial stress could mean families that celebrate Christmas this year will spend less on presents, compared to previous years.

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