New research from HSBC has found that many families in the UK will not reduce their Christmas spending despite the credit crunch and risk slipping into serious debt.
59% of men and 52% of women believe they will spend the same amount on Christmas this year as they did last year, despite the economic downturn in the UK.
HSBC believe the average cost of Christmas per person comes in at around £479, which includes presents, cards, food and all other festive essentials.