Shoppers are expected to spend a total of £31.6 billion on their debit and credit cards during the month of December, new research has found.
According to Barclays, those looking to buy gifts and other festive items will also withdraw £1.5 billion from cash machines across the country.
Totalling £47 billion, total spends for this Christmas have risen from last year by approximately four per cent.
And Barclays forecasts that December 23rd will be the busiest day for shoppers, with £1.5 billion being spent via debit and credit cards on this day alone.
In addition, the bank recommends that people who plan to withdraw cash from a machine avoid the period between 12:00 and 13:00 GMT, when more than one million transactions will take place across the UK.
However, Barnaby Davis, electronic banking director at Barclays, emphasised that although it may be a busy time, banks are prepared for the surge in spending.
“Action plans are in place to ensure cash machines remain stocked despite the level of activity in a really short space of time, to make sure even those very last minute purchases can be made,” he said.
Barclays offers a range of financial products and services including mortgages, loans and current accounts.
© Adfero Ltd