Survey reveals shoppers set to lower Christmas shopping spend

Half of shoppers expect to spend less this Christmas, according to a new survey from AXA Financial.

The survey has revealed that only 1% plan on spending more than they usually do.

One in ten said they are waiting to see what next month's Budget brings.

Those aged 35 to 44 are most likely to reduce their Christmas spending.

But 39% said they are determined to celebrate Christmas despite all the doom and gloom.