People are cutting back on spending in order to save up for Christmas.

According to a report in The Guardian, quoting figures from Barclays, the amount spent on going out to restaurants fell 10.8% month on month in September, nearly double the slow down in August. Takeaway spending in particular has slowed - spending was down 9.2% in August.

According to a recent survey 44% said they are starting to reduce discretionary spending to pay for Christmas.