People in the UK are planning to spend £22 billion this Christmas.
Research by MoneySupermarket has found that individuals will part with £445 on average over the festive period.
This represents a 1.8 per cent increase on the figure from last year of £437 and demonstrates how people are not letting their economic worries get in the way of some festive cheer.
Clare Francis, financial expert at the comparison website, said: "With only one pay day left for most people until Christmas, it is important to take steps now to manage your finances in the run up to the big day – and beyond."
With a recent survey showing that only 37 per cent are planning to use disposable income to fund the costly period, individuals should make sure they do not end up in debt.
Some 73 per cent of respondents expect most of their budget to be spent on presents, with parents planning on parting with £132 on each child.