The average adult in the UK spends more than £700 per year on gifts for friends and family, a survey has found.

The SayShopping voucher research reveals that almost £60 a month is spent on gifts, with over £300 spent per person at Christmas.

In total, over £40bn is spent on gifts in the UK every year, according to the survey.

There are, on average, over eight occasions during the year when a gift is bought, including a christening, wedding, Mother's Day, and family and friends' birthdays.

"On top of the expense, there is the immense pressure people feel to buy the right gift for the right person," the report said.

"Consumers are taking heed and allowing their friends and family to choose the gift themselves by giving them a gift voucher."

Research from SayShopping estimates that over £1.45bn will be spent on gift vouchers this year, with 50 per cent or more bought at Christmas time.