Shoppers are expected to increase their Christmas spending by 1.8% this year.
On average, consumers will spend £544 each this Christmas and most will do their shopping this month, according to research by Deloitte.
Most of the spending per person – £284 – will be on presents.
Food and drink spend is expected to average £141, and consumers will splash out £63 socialising and £56 on travel.
Deloitte North West Europe head of retail Ian Geddes said: “Following disappointing October sales figures, rising inflation and the first interest rate rise for more than 10 years, UK retailers will be holding their breath in the run-up to Christmas.
“The retail industry should be buoyed by these spending intentions, as they will be hoping that momentum will return to the market at a time when cautious UK consumers continue to feel the squeeze on their spending.”
As Black Friday nears, the study revealed that consumers intend to do most of their Christmas shopping in November; 37% plan to do most of their shopping this month, while 12% intend to shop in the week leading up to December 25.
Geddes said: “In the UK, last-minute shopping is only really done by around one in eight people in the week before Christmas. Retailers need to ensure that they are maximising sales throughout November in order to tap into this consumer trait.”
The survey also showed that UK consumers are the most active online spenders in Europe, and plan to spend 142% more on gifts and 207% more on food and drink online than the European average.
Most UK consumers (53%) expect to receive chocolate this Christmas, followed by books (44%), food and drink (38%), cosmetics/perfume (38%) and money (38%).
Most teenagers expect to receive gifts of money, followed by computer games, books, chocolates and clothes/shoes.