Across the UK this is equivalent to over 13 million people. People in the UK are planning to spend over £1,000 over the Christmas period, on presents, travel and the all-important turkey.

While 6% of Brits will spend over £700 on gifts, the average is a more modest £234. Starting early spreads the cost. Gifts could cost just £34 a month if the cost is spread over June to December. Those aged 18-34 are the most likely to buy early.

However, most of us still leave it later. The most popular time to buy is the final quarter of the year, with 45% opting to spend on friends and family between October and December. Almost a third of Brits (30%) won’t start their shopping until December and 11% of men will panic buy in the final countdown to Christmas Day (compared to just 5% of women).

Lucinda Gregory, investment research manager at The Share Centre said: “With Christmas now costing an average of £1,000, it makes sense to stagger the cost and start shopping now. A quarter of us appear to do this – though there will always be those who leave it until Christmas Eve! Expensive events like Christmas are investments and contributing little and often can help investors receive the best returns, with no last minute, overpriced panic buys. In much the same way, drip feeding little and often to stocks and shares can see the best returns.

“Even better, start investing now and perhaps see the returns pay for some of those Christmas gifts!”