It's tipped that Australians will spend a whopping $11 billion on Christmas presents this year.
This means the average person will fork out $593 this festive period, which is 25 per cent more than what was spent in 2012.
The Commonwealth Bank's Consumer Spending Survey has shown that most people of the 1000 surveyed plan to do all of their Christmas shopping from Friday December 15 to Sunday December 17.
A study by Groupon shows that this spending causes a bit of a strain, with 49 per cent of those surveyed worried about the amount they are spending on Christmas this year.
"While slightly more of us have set a budget this Christmas, Aussies will overspend by a huge $625 million," Commonwealth Bank executive general manager Clive van Horen said.
"Keeping track of spending is clearly not on the Christmas list for nearly 40 per cent of shoppers."