Many UK retail outlets will generate up to 60 per cent of their annual turnover between November and January, with an estimated£33 billion to be spent in December - an increase of 6 per cent on last year.
Spending in the two weeks leading up to Christmas is expected to rise 8 per cent to more than£15 billion, with the amount spent on Christmas purchases estimated to increase 10 per cent to just over£11 billion.
Each person in the UK will spend an average of£390 on Christmas gifts this year, up 18 per cent on last year. The most popular gifts will be music and clothes, with gift vouchers, books, cosmetics and fragrances all making it into the top five. The top children's toy is expected to be the Bratz Forever Diamondz.
On average, each household will spend approximately£163 on food and drink, up 2 per cent against last year.
An estimated£160 million worth of Christmas decorations were imported into the UK this year to meet consumer demand, with each household spending an average£25 a year on them.
According to Verdict, 4.5 per cent of total Christmas spending will be done online.
BRC director-general Kevin Hawkins said: 'These are encouraging forecasts for the retail sector after a tough year which has seen a slump in consumer confidence, escalating costs and falling prices. The high street is definitely eager for a boom Christmas.'
He added: 'Christmas is by far the most important time of year for many retailers and it is also the best indicator of how confident consumers are heading into the new year. I think sales figures this Christmas will give us a genuine read on the state of the economy in the short term.'
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