This holiday season, Mexico cut back on Christmas spending. However, Peruvians outspent any other Latin Americans who partook in the Linio survey.

Linio, Latin America’s largest online store, surveyed 570 Mexican men and women to see what they were willing to spend on gifts, and the results revealed a definite attempt at frugality. According to a statement, 49 percent of those polled said they would be spending less money on holiday gifts this year than they did in 2014.

A mere 20 percent said they intended to spend more on presents than they did last year, and 31 percent said they would stick to the same budget.

If Mexican shoppers weren't too enthused about spending a lot on their loved ones this Christmas, they had a terrific economic incentive to scale back. According to the Bank of Mexico, the peso lost 33 percent of its value against the dollar since the start of the collapse of oil prices back in June 2014.

The BBC reports that an average Mexican family spent about 2,800 pesos ($168) on gifts.

In general, Latin American countries were all in a tight spot together this holiday season.

In Colombia, seasonal gift-givers planned on spending around 401,653 pesos ($128) on presents, while in Chile holiday shoppers prepared to dish out 62,000 pesos ($88) on stocking stuffers.

Peruvians said they would spend the most at around 1,334 soles ($454). However, the possibility of an economic downturn in the South American nation could tighten the pursue strings next year.

Spaniards were ready to spend about 209 euros ($221).

As previously reported, newly elected Argentine President Mauricio Macri has just lifted the controls off Argentine money. Despite the economic turmoil, Argentine shoppers were expected to spend, depending on which inflation scale is used, either 300 pesos ($31) or 900 pesos ($91).

One Latin region that might have surprised market watchers with extra holiday spending was Puerto Rico. As previously reported, public employees in the U.S. territory received Christmas bonuses this year totaling $120 million. The extra spending cash came to the government workers, despite the fact that Puerto Rico is over $70 billion of debt.

According to the latest Gallup Poll, this year Americans planned on spending around $830 on presents. Last year the average was $720.