Brits plan to spend £8.5 billion on Christmas presents

Brits are planning to spend an average of £325 per household on Christmas presents this year, according to research from Tesco Bank Home Insurance, with one in ten planning to spend over £600 on gifts for their friends and loved ones.

For 58%, the shopping has already begun in earnest with people stockpiling gifts since the beginning of November.

Gary Davess, Director of General Insurance at Tesco Bank warns: "This is the time of the year when people are inadvertently increasing the value of their home contents with expensive presents hidden away which is why we apply an automatic uplift of cover for our customers.  In addition, 37% of people are expecting to be away from home for at least one night during the festive period.  This means that homes could become tempting targets for burglars.  We urge people to make sure their properties are as secure as possible and that they have adequate home contents cover."

Tesco Home Insurance applies an automatic, month-long uplift to the value of home contents covered on its Finest and Standard Home Insurance policies, at no extra cost.

Customers with Finest Home Insurance receive an automatic 20% increase in contents cover for gifts, extra food and beverages bought for Christmas.

Customers with Standard Home Insurance receive an automatic 10% uplift in contents cover for gifts, extra food and beverages bought for Christmas.

This automatic increase applies to all religious festivals that take place throughout the year.

Plus, new customers with a Clubcard can also save up to 50% discount on their home insurance.

For more information about Tesco home insurance products, visit tescobank.com.