But 20% are being even more generous, saying that they will spend over £500 on friends and family.

Whatever amount people decide to spend this Christmas, it will lead to a significant increase in the value of most people’s home contents during the month of December.  

Laura Wood, spokesperson for NFU Mutual, which has offices across the UK, said, “People do not consider the cumulative value of the gifts which they store or bring into their home during the festive season and it is vital that they remember that the value of these presents will impact on their home contents insurance.”

Consumers are urged to check their policies and if necessary increase the level of cover they have for the Christmas period.