So what have Londoners been spending their money on this year? According to an online delivery firm it depends where you live, with West Londoners loving shoes and flowers while in the east it's all about smartphones and laptops.
In the South however, it's a whole different story and you might be surprised what the people of Croydon have been spending their money on.
Shoppers are being urged to think again about buying hoverboards this Christmas in case they pose a fire risk.
The Local Government Association has issued a plea to consumers after several cases of the self-balancing devices caused "major" fires.
The organisation claims more than 80% of 38,000 hoverboards stopped from entering the UK by Trading Standards since October were unsafe.
Christmas shoppers are expected to be inundated with bargains as stores start their January sales early on 'Panic Saturday'.
Retailers are expected to slash prices by up to 80 per cent as shoppers head out for some last-minute Christmas shopping.
The day is predicted to kick off a £6bn six-day spending spree in the run-up to Christmas.
The amount of retail space under construction in London will increase by almost 8 million square feet.
That's the equivalent of London's flagship retail streets of Bond Street, Oxford Street and Regent Street combined, over the next five years
The Butterfly World sanctuary in St Albans is to close after making losses.
Launched by Sir David Attenborough, the tourist attraction is currently shut for the winter, but confirmed it would not be reopening.
Women working in the City expect to receive a bonus that's half of what is being paid to their male colleagues according to a new report. Recruitment firm Astbury Marsden found that female staff are anticipating payments of around £16,240 compared to £32,800 for men.
The gap is predicted to be even wider at senior levels, with female directors and other executives expecting an average bonus of £25,800, almost half of the £50,300 expected by their male counterparts.
The managing director of Astbury Marsden said this could be down to men filling the commission earning jobs: "The reality is that the sectors where there is a high reward culture are still male dominated with women often making up a larger proportion of the non-commission earning side of businesses such as HR or marketing.
"Trading floors for example, have a reputation for being largely a male environment and many women can be put off from applying to these types of roles."
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