Families across Europe look set to spend slightly less on average this Christmas, with austerity-hit Greece and Russia showing the steepest declines, a survey showed yesterday.

French, British, German and Spanish consumers are among those expected to spend more, it said. The overall decline will also be at a much slower pace than last year, signalling some improvement in sentiment.

The survey by market research group Deloitte showed that the average Christmas budget across Europe would ease 0.28 per cent this year to about €513 per family.

This would be a limited decline when compared with a three per cent fall last year, as consumers’ perceptions about the European economy were generally improving.

Families across Europe look set to spend slightly less on average this Christmas

This year’s decline in Europe was led by Greece, where spending will drop 8.63 per cent to an average €402, Russia where families will spend 6.96 per cent less to €217, and Portugal where spending will fall 5.55 per cent to €315.

All three countries have seen their economies battered in recent years. Greece is in its third international bailout, Russia has been hit by sanctions over its dealings with Ukraine, and Portugal is beset by weak growth and austerity.

Christmas spending will also decline in Italy – down 3.08 per cent – but is set to rise 0.2 per cent in economically recovering Spain, Deloitte said.

Among Europe’s biggest Christmas shoppers, families will spend €884 on average in Britain, up 0.68 per cent from last year, €617 in Denmark, up 5.21 per cent, €577 in France, up 0.23 per cent, and €423, up 0.87 per cent in Germany, the poll showed.

One of the biggest turnarounds may be in France. The anticipated French spend compares with a decline of 4.5 per cent last year.

“French consumers are becoming more optimistic. Driven by improving morale, the French plan to spend a little more this year for Christmas,” Stephane Rimbeuf, Deloitte associate in charge of consumer business, told Reuters.

Some 43 per cent of those polled in France still feared their purchasing power would further deteriorate, but that was down from 50 per cent last year.

Earlier this month, the European Commission forecast that the eurozone was expected to grow 1.6 per cent in 2015, with modest acceleration of gross domestic product (GDP) to 1.8 per cent in 2016 and 1.9 per cent in 2017.

Although divergences remain among the 19 countries sharing the euro, economic growth was now widespread with only Greece still in recession.

Deloitte surveyed 14,065 people across 14 countries around Europe as well as in South Africa, which is due to see a 9.9 per cent decline from last year.