Brits are set to purchase close to 12m subscriptions as Christmas gifts this year in a £680m boost to retailers, according to new research.

The research found that 3.3 million Brits are expected to gift nearly 12 million subscriptions this Christmas.

This subscription binge will translate to a £680m boost to retailers, according to research commissioned by Acquired.com, a payments business focused on recurring commerce.

The research found that men will spend an average of £60.20 on their subscription gifts, compared to women, who will spend an average of £54.80.

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By category, the most popular subscription gifts for Christmas are those relating to hobbies (such as gaming, DIY or crafts), ahead of magazines and newspapers and third-placed beauty subscriptions.

Greg Cox, CEO and founder of Acquired.com (pictured), said: “Gift-giving is a very personal experience. While some may prefer to give physical presents, it can be challenging to find that special something, and subscription gifts are a great alternative.

“As a shopper, you can easily find a gift with a personal connection to the recipient, whilst also avoiding the crowds and the stress of shopping in person. For those who are experience-seeking or sustainability-minded, subscriptions often feel both more intentional and less wasteful.”

Earlier this month, it was revealed more than half (58%) of consumers believe that subscription services are a “great way to make Christmas last all year” according to new research from subscription platform Bango.

Last year, it was revealed Brits would consider watching ads if it meant a cheaper subscription option on streaming platforms, new data from Kantar TGI showed.

Subscription boxes for women are also set to be popular this Christmas.