Brits could cost the economy a huge £2.8 billion by cutting back on Christmas spending by as much as £200 each, according to new research by Somerfield.

Almost a third (29 per cent) of those polled will be making cuts of up to £200 on their festive shopping in the economic crisis, and 17 per cent are looking to save up to £50.

When it comes to making sacrifices, workplace Secret Santa gifts are the first to go, with close to one in five (18 per cent) taking colleagues off the Christmas gift list.

More than one in 10 (13 per cent) will be cutting out Christmas sweets and 12 per cent are considering taking wine and beer off the list.

However, some traditions are safe even from the recession - only three per cent would consider getting rid of the tree or the Christmas pud, and just two per cent would deprive the kids of presents.

Pete Williams, head of press and PR at Somerfield, said: “The recession has hit Britain hard and fast - it looks like many people will be tightening their belts this Christmas. But there are plenty of ways to make your money go further.

“Canny shoppers have been stocking up on festive fare well in advance to help spread the cost of Christmas - by stocking up early on store cupboard items, frozen party foods, nuts, biscuits, wine and beer, and treats like chocolates and crackers.

“There are always ways to save money and still make sure you and yours have a happy Christmas. As our poll shows, homemade gifts and foods are increasingly popular as a great way to stay within your budget,” he added.