While the property market faces a slump and mortgage interest rates peak, UK consumers are still set to be spending more than last year on their Christmas festivities yet American Express has found that despite the commonly held view that women are the most likely to splurge on gifts and seasonal luxuries, it is in fact men who will be hammering the credit card the hardest this year.

The research has found that shoppers are planning to spend on average £511 each this Christmas – which is £50 more than last year – with men planning to spend £60 more than women over the festive season.

The poll of 1000 UK consumers revealed an anticipated average spend of £307 on presents per person, which is dramatically lower than figures out earlier this month predicting spends of £1,300. Yet the majority of purchases will be made with a credit card as almost half claimed that this will be their preferred method of payment.

Unsurprisingly, gift buying will take up the majority of the cash with an average spend of £311 for men and £302 for women, which are up on last year’s figures of £256 for men and £264 for women. Likewise, men will shell out an extra £29 on food and drink than women and even the traditionally feminine domain of cards and decorations, men reign as the biggest spenders, paying out an estimated £53 compared to women who plan on spending £31.

However, while men may be more extravagant, it appears women are savvier with the majority of them clocking up valuable reward points on their spending. More than a third of women (35 per cent) expect to use reward points compared to 26 per cent of men to help budget for the Christmas spend.

Tom Allder, Vice President UK Lending, American Express, comments: “Wise men and women should be looking around for ways to make the most of their Christmas spending.”

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