The figures showed that if the estimates are reached, this Christmas will see a 7.8% increase in advertising spend, with 2023 registering £9.7bn.

The fourth quarter adspend data said that it expected online media channels to see a boost, including online display (which comprises social media spend) at 15.8%, online radio at 8.8% and broadcaster video on demand (BVOD) at 7.8%.

Out of home advertising is expected to see an 8.1% rise in spend and cinema would be up 5.1%.

Matt Bourn, director of communications at the AA, said: “The final quarter of the year is a critical one for businesses, large and small, to promote their wares in a battle for customer attention.

“The investment we see here in this Christmas advertising spend is an investment in growth which supports jobs up and down the country. As ever, we will see the very best of advertising with all the creative flair that the UK advertising industry can bring to help businesses secure fame and success.”

James McDonald, director of data, intelligence and forecasting at Warc, added: “Brands know that a well-crafted Christmas campaign can boost salience, anchor loyalty and drive impressive sales results to boot. It’s the time of year when media budgets swell, and creative teams pull out all the stops to deliver memorable messaging that resonates well beyond Boxing Day.

“While the Golden Quarter typically attracts elevated levels of advertiser investment for these reasons, the anticipated £760m rise in spend this year would be the largest increase on record if the post-pandemic recovery year of 2021 were excluded, with a total above £10.5bn yet another zenith for the UK’s market.”