In view of the high inflation and tight budgets, many people want to save on Christmas presents this year, according to a survey.

"Many consumers are currently primarily concerned with somehow making ends meet. Giving mood doesn't really want to arise," said EY retail expert Michael Renz, summing up the result of a representative survey conducted by the management consultancy in November among more than 1000 consumers and consumers in Germany together.

Above all, Germans with low or middle incomes want or have to tighten their belts for Christmas this year and save on presents. Renz reported that households with a net income of less than 25,000 euros were hit the hardest. In this group, spending on Christmas presents is expected to fall by 24 percent to €120 this year. This is the lowest value since the survey began in 2008, emphasized Renz.

According to the survey, the average budget for Christmas presents in Germany this year is 252 euros. That's 21 euros less than last year. It is the lowest value since 2014. According to the study, only those who earn more than 70,000 euros usually have a Christmas budget slightly above that of the previous year. "In households with high incomes, the money is currently still loose," said Renz.

According to the survey, gift vouchers and cash are the most common gifts under the Christmas tree this year. According to the survey, toys, confectionery and other groceries, books, clothing and cosmetics are also high on the gift shopping list for loved ones.