Cash registers in the world's top-spending nations could be ringing a little less this Christmas, a survey shows.

Millions of people across the developed world - from the US and Canada to Britain, Europe and Australia - are expected to spend less on presents this year, according to insurer AXA.

The largest drop in Christmas spending is likely in Spain, where consumers expect to spend 26 per cent less than they did last year - the equivalent of £318 compared to £432.

Italian spending will be down 22 per cent while Americans will spend 19 per cent less.

The French and Britons anticipate a 12 per cent drop, people in Australia and Germany will spend 10 per cent less, and those in Belgium and Canada expect to cut spending by seven per cent.

However, consumers in America and Britain will still come top in the spending stakes, splashing out £623 and £531 respectively on gifts for loved ones.

The Belgians are expected to spend the least, at £252. Alison Green, an AXA spokeswoman, said: "Spending on discretionary items, such as presents, is often seen as a barometer for the consumer economy.

"The fact that all of the countries in the top ten highest spending nations are seeing significant drops in their planned Christmas spending budgets, may set alarm bells, rather than jingle bells, ringing during the run-up to Christmas."

The study also shows that 93 per cent of working Britons will buy books, CDs, DVDs, theatre and concert tickets as Christmas presents, 88 per cent will buy clothes and 83 per cent sweets or chocolate.

The research is part of AXA's annual "Retirement Scope" study, conducted among 11,373 people in 16 countries.