The total UK spend on presents will be nearly £17 billion, the study predicts.

Each Brit will spend on average £378 – a 22 per cent gift-spending increase on 2005.

Average spend per person will hit a lavish £443 in Wales, while Londoners will keep a tighter check on their wallets, spending only £343.

Christmas morning might see disappointed faces in the west of England with only £330 spent per person.

Meanwhile, spending on Christmas socialising is expected to drop by as much as 16 per cent per person, according to Deloitte’s British head of retail Tarlok Teji.

“The big pullback in spending on socialising may not bode well for the leisure industry”, he said.

Major retailers include Marks & Spencer and Tesco have delivered optimistic retail predictions, but they could be hit by lower spending on food and drink for social entertaining.

Compare Credit Cards

© Adfero Ltd