With hams, prawns, eskies of beer, some nice bottles of wine and generous gifts for the family - the Christmas day bill can rack up pretty fast.

A Savvy survey of Aussies ahead of the end of year holiday found, on average, people would spend $767 each on gifts, food, drink and travel expenses just for that one special day.

Women reported they would spend more on average ($848) than men ($705).

So, how are we planning on paying for the festive bill this year?

The majority of people surveyed said they would fund their Christmas spending with savings.

The 76 per cent who said they would be dipping into their savings is up five per cent from the same survey in 2021.

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But big spending isn't just for Christmas day preparations this year with the Australian Retailers Association recently bumping up its pre-Christmas spending forecasts to $66 billion.

That's $2 billion more than forecast for the November and December trading period that includes Black Friday and Cyber Monday sales which are growing in popularity.

The retailing body's prediction is a record-busting 6.4 per cent on last year's spending.