A study commissioned by Dutch bank ING Groep NV. (INGA) found that Brits will spend an average of 350 pounds ($553) each on presents according to a study of almost 12,000 EU consumers. Romanians are the most generous, measured in spending as a proportion of the average monthly income as they devote a third of their salaries to Christmas gifts.

Figures by the PwC Global Economy Watch reveal that emerging economies in Russia and Brazil have joined the high-spending ranks, making the top ten in terms of overall spending at Christmas.

The scars of the socioeconomic crisis has plagued Christmas shopping in southern Europe. Average per person spending in Italy, Greece and Spain have more than halved since 2007.

“We’ve seen more movements in the Eurozone with sovereign crisis impacting on Italy and Greece, who have been spending relatively less today than 2007. In Greece, real per person Christmas spending dropped by around 60pc in the six years to 2013,” said PwC senior economist Richard Boxshall.

Another poll, by YouGov measured how excited different nations are about Christmas. Greece didn’t even make the list.