£4.7billion Christmas hangover

British consumers are concerned they are going to overspend during the upcoming festive season, according to a new report.

A study by Lloyds TSB found that, with 50 shopping days left to Christmas, around 59 per cent of UK consumers think they will overspend on the festive season by £174 on average.

According to Lloyds, the nation's Christmas spending hangover, once all the presents are opened and revelries are over will be somewhere in the tune of £4.7 billion.

Most people overspend because they do not set up a budget beforehand, with more than a quarter saying they underestimate the cost of Christmas.

Many do not realise the additional costs of Christmas parties, decorations and food.

Ian Larkin, managing director of consumer banking at Lloyds TSB, said: "Presents, decorations, food, drink, party outfits, Christmas tree – the list of Christmas expenses can be a long one and it's easy to end up spending more than you intended.

"If you think your finances are going to be a bit stretched then try and plan ahead. Set a budget, see where you can make savings and speak to your bank if you need a helping hand."

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