Online spending growth will plunge to 15 per cent this Christmas from 54 per cent two years ago, according to a survey carried out by IMRG and Capgemini.

Even though cash-strapped consumers are still going online, the survey shows that they are using the internet to make fewer purchases than they used to, despite the fact that shoppers have increased their overall exposure to internet retailing.

The survey polled 60 UK retailers with an online presence and estimated that £13.16bn will be spent on the web over the last three months of 2008, the equivalent of £215 per person.

IMRG chief executive James Roper is more upbeat about the figures, and believes that shoppers will beat the crunch by shopping on the web this Christmas.

"The internet is well established as one of consumers' most powerful economic weapons against tough times," he said.

"Retailers and suppliers will be under extreme pressure to price competitively this year, so there will be a lot of volatility out there, and fantastic bargains that the internet uniquely enables canny shoppers to find and grab before anyone else."

The figures also show that Monday 8 December is set to be the busiest day of 2008 for online shopping, with estimated sales of £320m.

A separate study by the Office of National Statistics showed that online growth in more than half of the business sectors surveyed, including consumer goods and travel services, stayed flat or declined over the past two years.