Consumers are being advised to scale back their holiday spending this year and focus on quality over quantity.

According to professor Sheila McNamee of the University of New Hampshire, the current economic climate is an opportunity to "take stock" and talk to loved ones about their own gift-giving plans for the coming holidays.

"The success or happiness of the holiday season does not need to be measured by the amount of money you spend but should be measured by the quality of time and personal commitment we offer," said McNamee.

McNamee also says that placing a greater emphasis on well thought-out gifts that will be more meaningful to their recipients even if they don't have an expensive "wow" factor. A "green" approach to gift-giving can also give shoppers a chance to be resourceful.

For those who have holiday expenses to meet even after they cut back, one option could be a short-term loan.

"We have the chance now to reclaim the holidays and return to a semblance of what they used to be like before consumerism exploded," said McNamee.

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