Britons are going to spend an average of £526 this year celebrating Christmas.
A survey by HSBC has discovered that £347 of this will be on gifts for immediate family members, while an additional £179 will go on food, drink and entertainment.
People aged between 35 and 44 are planning to part with the most cash (£633), but this is partly due to the fact they have young children.
Some 20 per cent expect to spend more this year than they did 12 months ago, which points out that some people are loosening their purse strings ahead of the festive period.
George Charalambous, HSBC Head of Current Accounts, said: "Our research shows that once again households want to put financial difficulties to one side and celebrate this special time of the year."
He added nearly two-thirds of UK adults plan to fund this time of the year through their salary or other income, but 71 per cent will try to get a discount in some shape or form on purchases.