Many people could find themselves raiding their savings accounts this Christmas, as figures show that consumers are refusing to cut back on spending.

The HSBC Christmas Spending Survey reveals that people throughout the UK will spend an average of £378 on gifts for their immediate family.

In addition to this, £183 will be splashed out on entertainment, food and drink during the festive season.

Results show that in order to spend what they desire, 37 per cent of consumers will use either all or some of their savings, while 67 per cent will allocate a proportion of their salary.

Ashtar Antoine, HSBC's head of current account management, said: "Our research shows that despite the recent economic gloom, many households still plan to spend money celebrating this special time of the year."

Additional figures reveal that store and credit cards are especially popular with people between the ages of 35 and 44, as 22 per cent have relied on this form of credit.