According to new research by Gocompare.com, the average British household expects to spend £753 on Christmas festivities this year. Collectively that’s £21 billion splashed out on presents, food and drink, parties and decorations.

Presents for friends and families top the list of Christmas spending with an anticipated average outlay of £378 per household, followed by food and drink (£183) and, partying (£109).

On average, householders estimate they will also spend £83 on buying a Christmas tree and festive decorations, pantos and other Christmas experiences.