Consumers cancel Christmas as credit crunch bites

Santa may have a short night’s work ahead of him on Christmas Eve if new figures are to believed.

According to a poll by festive hamper supplier Chrisco, the recent financial crisis is going to have a severe impact on Aussies’ spending this December, with many possibly struggling to keep up with home loan and credit card repayments on top of food and fuel bills.

He said that while many consumers struggle around this time of year, seeing out 2008 will be even tougher.

“The financial uncertainty is going to make it harder for parents to put presents under the tree,” said Peter Oastler, speaking to the Daily Telegraph.

However, he pointed out that the strong-willed national spirit is likely to prevail in the end.

“[Australians] are determined to have a great Christmas no matter what,” he claimed, adding that people are likely to cut costs by making their own presents and having a smaller family meal.

In a separate article, the Daily Telegraph warned workers that this year’s Christmas office bash might be scaled back as struggling businesses look to save more.ADNFCR-1761-ID-18849403-ADNFCR