Many consumers planning holiday spending cuts this year

More than half of consumers plan to spend less during the festive season to save money, according to a study by accounting and consulting firm EY. Three-quarters of consumers are also delaying purchases until bargain days such as Black Friday.

EY surveyed 22,000 consumers in 28 countries, including the Netherlands, Germany, the United States, China, and India. The report underscores the changing spending patterns of consumers, according to the consulting firm. High inflation, rising interest rates, and outstanding credit card payments are eroding purchasing power, concluded EY's consumer and retail sector leader Jim Doucette.

80 percent of respondents are concerned about their finances. As a result, more people are planning to cook at home and cut back on takeout restaurants this year.

In China, 11 percent of consumers say they will spend less during the holiday season this year. Almost half are planning to increase spending.