Young people could spend more on Christmas hampers for loved ones this year, as new research has found 19 per cent expect to shell out more money on presents for loved ones than they did 12 months ago.

According to a study by VoucherHeaven.co.uk, 58 per cent of Brits plan to spend the same as last Christmas, while 32 per cent revealed they will part with less cash.

More than two-thirds stated they will spend between £100 and £500 on gifts, with one-quarter of this expenditure being for the person closest to them.

The research also revealed that the majority of shoppers disagreed with the notion that better deals can be secured if people wait until the last minute to buy presents.

Simon Jennings, chairman of VoucherHeaven.co.uk, said: "It seems that, although 30 per cent of consumers tell us they will still be hunting for presents the week before Christmas, they are not expecting to pick up too many last-minute bargains."

Insurance firm first direct recently suggested that consumers can give themselves more spending power this Christmas by cutting out small treats such as a latte every morning.