First the good news. Average Christmas spend will be up by over £50 in the UK, or 11%, to £519 this year. And the bad news? Christmas presents and food and drink are set to see biggest boost while consumers are looking to cut back on homewares, festive breaks and… clothing. Some 39% will cut back on fashion.

That’s according to a survey of over 2,000 UK adults conducted on behalf of RSM.

It said the majority of consumers plan on topping up their Christmas budgets this year, apart from Generation Z who will be cutting back, “suggesting they’re feeling the squeeze the most”.

Gen Z (62%) and Millennials (57%) plan to bring forward their Christmas shopping this year to spread the cost and take advantage of discounts.

But while Millennials are as discount-focused as their younger counterparts, this is actually the age group planning on increasing their Christmas budgets the most, up £105 or 23% to £555.

They’re followed by Baby Boomers at £544 (up £74 or 16%), while Gen Z spend, at £347, will be down £99 or 22% on last year.

Jacqui Baker, partner and head of retail at RSM UK, said: “While consumer confidence has recently taken a hit, hampered by nervousness around the Budget, general sentiment seems to be improving, which will hopefully lead to some Christmas cheer for retailers.”