The average amount spent in the UK on Christmas gifts for friends and family is expected to fall by 11% this year, compared to 2015.
People spent £479 each on average last year, but this will reduce to £424, a survey by insurance firm Policy Expert found.
It follows a prediction that footfall across high streets today will be up 89% on a normal Tuesday, as shoppers abandon online shopping to buy in stores.
Meanwhile, shopping centre owner Westfield has said it is gearing up for another “super Saturday” on Christmas Eve, following bumper sales last weekend.
“Christmas Eve has become our biggest Christmas shopping day, with over 300,000 visiting Westfield in 2015 and we expect similar numbers again this year,” said Myf Ryan, chief marketing officer for Westfield UK and Europe.