As an incredibly difficult year draws to a close, Visual Capitalist's Katie Jones notes that people are starting to accept that this festive season will be anything but typical. But while a portion of consumers have reined in their spending due to financial uncertainty, others are spreading Christmas cheer by indulging in gifts for their loved ones.

The graphic above from Raconteur explores how consumers' festive spending in the U.S. and UK has changed as a result of the ongoing pandemic.

Will the shift trigger permanent changes in the retail industry?

Festive Budget Breakdown

According creative agency Kinetic, half of all UK adults surveyed believe this Christmas is more important than ever before, with that figure rising to three quarters for 18-34 year olds.

However, given consumers' concerns over the future of the economy, they are expected to reduce spending during the festive season. In the U.S. for example, spending will decline by 7% to $1,387 per household.

When it comes to how consumers plan to spend their hard-earned cash, some interesting insights emerge. As many have saved significantly on socializing and travel—which is down 34% year-on-year—they plan to put this money towards items for themselves instead of gifts and gift cards for others. These items include clothes, at-home entertainment, and home furnishings.