New research from American Express has revealed that consumers are set to spend an average of £1,206 on everything from tinsel to turkey this year, a Santa-sized £60 billion across the nation.

Gifts are the top spend items and even though there’s no place like home for Christmas, travel is still on the mind of the nation as many plan getaways abroad or in the UK. Festive experiences are growing in popularity as Brits splash out £84 this season versus £60 last year on days out like ice skating or visiting Santa’s Grotto.

THE TOP 10 COSTS OF CHRISTMAS:

Brits’ Christmas wish list Average cost £
1 Gifts £295
2 Christmas getaways outside the UK £237
3 Christmas getaways in the UK £174
4 Hosting parties (e.g. buying food, drink) £88
5 Festive experiences (e.g. ice skating, Santa’s Grotto) £84
6 Gatherings with family and friends outside the home £76
7 Food shopping for Christmas Day £74
8 New clothes £68
9 Travel (train, coach etc. tickets for visiting family and friends) £66
10 Christmas decorations for the home £44

However, despite the festive cheer it seems to be the year of savvy Santas, with consumers spending £345 less overall than in 2017, when total spend was £76 billion. A quarter (25%) will redeem cashback, rewards and points accrued over the year to lessen the load on their shopping sleigh, and 23% take advantage of retailer offers such as promotions and early sales.