British shoppers are planning to spend an average of £378 on gifts and £183 on food, drink and entertainment this Christmas.
Half of the people surveyed in the HSBC Christmas Spending Survey said they would spend the same amount on presents this year that they did in 2010.
Although 13 per cent said they would only shop online, the same amount said they would only shop on the High Street.
However the busiest period could already be over, as nearly a third of people revealed they would do most of their present shopping between December 1st and 11th.
To save money, 14 per cent will be removing a friend from their present list while 38 per cent said they would take advantage of vouchers and discounts, with 34 cashing in loyalty card points.
37 per cent of those asked will use all or some of their savings to pay for Christmas and 21 per cent said they would be borrowing. Two per cent said they would use a pay day loans service to buy presents.