Credit crunch or no, we all have Christmas pressies to buy, and it seems we Brits are very organised about it.

IMRG and Capgemini have released a report in which they estimate we will spend more than £13bn online this Christmas.

This is £215 each.

An estimated £320m will be spent on the internet on 8 December with the peak between 1pm and 2pm.

The analysis will come as good news to online retailers, following on from the announcement from the CBI business organisation that UK retailers would face tough trading in the run-up to Christmas.

But things are going to be tougher than previous years and retailers are going to be competiting to bring out the best prices.

"Retailers and suppliers will be under extreme pressure to price competitively this year", said IMRG chief executive James Roper.