The average British household spends £700 extra in December, according to the Bank of England. We splash out more on presents and entertaining with food and drink increasing by 8 per cent and 22 per cent, respectively.
But what if the presnts you bought online haven't arrived, despite promising that they would be here for Christmas?
We explain your rights if things do not turn out as planned.
Your gifts don't arrive on time or all
We will have spent an estimated £88bn on presents both online and in store this Christmas and the chances are some of those gifts will not arrive on time.
Before buying presents always check delivery times because while standard delivery windows can be anything from a few hours to seven working days, some retailers have up to 30 days to deliver goods.
If your gifts do arrive late, you may be able to make a claim for breach of contract and you can cancel your order and get your money back.
If weather, such as delays the delivery then the retailer may be exempt from a claim for breach of contract.
You've bought a replacement gift
If buy another gift in the meantime, you can take advantage of a legal cooling-off period which allows you 14 days to decide whether or not you want the original or replacement gift.
Some retailers will give you a bit longer. Amazon, gives you 30 days to return goods if you've changed your mind. These are
However, the cooling-off period does not apply if you bought something customised, or if you buy fresh food or flowers or if you've taken a DVD or CD out of its packaging. Purchases from online auctions like eBay are not covered either.
If you buy from an overseas company there is a chance you may not be covered.
What if your gifts arrive damaged
Gifts are covered by the Sale of Goods Act which says goods must be sold as they are described, a satisfactory quality, and fit for purpose.
If it's a minor fault some shops may want to try and repair for them first but they must do so quickly and without any other cost.
If the repair is not up to scratch you can then insist on a refund.
If your PlayStation stops working
The Sale of Goods Act can allow you up to six months, though it is recommended you do this as soon as possible and the damage must not have been caused by wear and tear or misuse. The standard manufacturer warranty on electronic goods is 12 months, and the contract is with the retailer - don't let them fob you off to the manufacturer directly.
The gifts you bought are unwanted
Many retailers give gift receipts when you buy items. You can hand them over without having to reveal what you've spent but it means the rights now belong to the gift owner.
Many shops do have either refund or exchange rights if the gift is not wanted, so long as the gift is in a reasonable condition.
The gifts you bought have gone missing
If something doesn't arrive you will need to ask for proof of postage or a tracking number.
If you bought via a debit card the act allows you to claim back for the whole amount. If you bought with a credit card you can claim your cash back under section 75 of the credit card act so long as the gift cost between £100 and £30,000.
Your firm's Christmas meal was a disaster
If your once-a-year food and drink fest with colleagues ended up with a three hour wait for cold turkey or even worse - food poisoning - then you have every right to complain.
Always do so when you are still at the meal and if you think you have food poisoning then they need to tell the restaurant fast. You may be able to get compensation but you will need to let them know.
Your party hairdo ends up making you look like you've been through a hedge backwards
If you are trying a new hairdresser you can check that they are registered with the Hair Council. Britain is one of very few countries in which anyone, without registration, qualifications or even any form of recognised training, is free to set up and practice as a hairdresser.
If you are having you hair dyed for the first time your colourist should always request a patch test to check you are not allergic to any of the chemicals used.
You can find out whether your hairdresser is registered by checking the Hair Council website.
Citizens advice: consumer rights guide
Keep all receipts
Many shops will let you change your mind when there is no fault, so ask. You don't actually need a receipt as proof of purchase though - a bank statement is legally acceptable.
Check sizes
If you are buying underwear or clothes for your partner or husband/wife it might be a good idea to sneak a look at size labels in the things he/she is already wearing.
Remember your rights
Whatever time of year - be it Christmas or summer - the goods you buy must be of satisfactory quality and match the description gvien.
Check the delivery date
Bear in mind that at this time of year orders can take longer than normal to arrive.
Be sales savvy
Your rights are just the same if you are buying goods in the sale as at any other time. But if there is a notice or a tag on the product that says it is faulty - that's why it's cheap.