Shoppers in the UK are set to ignore news of brewing problems in the international economy and spend a whopping £74.3 billion in the run-up to Christmas, according to new data.

Research commissioned by RetailMeNot and carried out by the Centre for Retail Research also found that £1 in every £4 would be spent online this year.

Growth in online sales is expected to hit almost 20% compared with Christmas 2013 and total online sales are expected to reach £17.4 billion, from £14.5 billion this time last year.

But, for now at least, the high street continues to dominate shopping trends with consumers expected splash out just under £57 billion.

RetailMeNot said it expects online sales to rise proportionally against sales in bricks and mortar shops as Christmas Day draws closer.

Giulio Montemagno at RetailMeNot said: “Retail spending in the weeks before Christmas is the most important period of trading for retailers both online and offline. Retailers, particularly of specialist merchandise, will often take 20% or more of their sales in this period.

“This Christmas looks set to be a bumper year for online retailers as a record number of consumers will be turning to the web to order gifts…retailers must ensure that they are appealing to consumers through mobile and tablet devices.”

The study also found that shoppers in the UK will spend more on Christmas than people in any other European country. UK households will spend £459 on average on gifts alone – more even than the US.