With inflation hitting 41-year highs this month and the UK slipping officially into recession, nine in 10 (90.6%) of the least affluent consumers and around two-thirds (68.2%) among the most affluent consumers are setting limits on the amount they’ll spend on presents this year.

Meanwhile, two-thirds of the least affluent households, as well as more than half of the most affluent customers, are going into no-gift agreements with friends and siblings, according to the latest cost-of-living data from Retail Economics and HyperJar.