The season of good cheer and gift giving is a hard sell in Europe this year as the latest figures reveal: people simply cannot afford to dig deep into their pockets under the burden of austerity cuts and increased taxes.

Christmas for many is all about giving to those you love, and so not having enough money to do that is painful.

And it is a painful reminder of ordinary Europeans who are paying for governments and banks' financial mismanagement.

Al Jazeera's Simon McGregor-Wood reports from London.