Research from Egg has found that nearly 4 million Brits leave their gift shopping until the week before Christmas.

This last minute panic buying results in them spending more than they intended to and Christmas Eve shoppers are 4 times more likely to buy a dud present than those who buy in advance.

According to the Egg poll, the last minute shopper spends a staggering 39% more than they budgeted. With the average Christmas gift bill totalling £385, this could mean an extra £150 per late shopper, bringing their bill up to £535.

With 1 in 10 Brits being described as a ‘really late shopper’, it appears that women are as guilty as men. And regionally the streets to avoid in the week before Christmas are in London where 16% of shoppers go for the panic buy closely followed by the North West (14%).

Alison Wright, chief marketing officer at Egg, said: “Each year we get 12 months advance warning that Christmas is coming, but still often resort to last minute panic buying. Consumers need to try to find ways to drive down the overall cost of Christmas – one way seems to be by avoiding those last minute shopping sprees, when lack of choice and panic buying are rife.”