Don't let money worries get you down this Christmas
It's that Christmas-present buying time of the year again and once again, we're stumped as to why we didn't start to save for it sooner?
According to research from American Express Platinum Cashback Credit Card, families are adopting new present buying tactics this year to help keep their Christmas costs down.
One in four people are planning to employ a 'Secret Santa' system - selecting just one member of their family or group of friends that they will be responsible for buying a gift for.
Other populare present-buying tactics include striking a deal with loved ones to agree a financial limit on what they will spend on each other and requesting specific gifts from loved ones to make sure the things they especially want or need end up under their tree this December.
In addition, almost half will request gift lists from their family and friends to avoid money being spent on unwanted presents, while just over one in three of people plan to give vouchers or cash to achieve the same results.
Just under a quarter intend taking a more personal approach and are planning to give something homemade, which they have cooked or crafted themselves.
Julie Hay, head of Credit Cards at American Express, says: "Christmas 2011 looks set to be the year of tactical gifting. With family finances stretched, people are making strategic choices about their 'must gives' this year. To avoid disappointments or surprises on the big day, they are also making advance agreements with family and friends on ways to collectivel reduce financial pressures without comprimising on festive spirit."
However, despite employing such tactics, research on consumer spending trends has revealed that in comparison to previous years, this Christmas it is expected that people will still be more generous in their spending, with an average of £364 being spent on gifts, this is a huge increase from 2007 when just £207 was spent.
While keen to set financial parameters, some UK adults are still planning on giving generously to those that matter the most this Christmas. A quarter of parents plan to splash out in excess of £100 on gifts for their children, and a fifth of adults expect to spend more than £100 on their other half.
Julie adds: "People are looking to take a more savvy approach to buying presents this year, but the cost of Christmas is still higher than it has been in previous years. To help make spending go further this savvy approach should also be extended to the way in which people pay for goods."