With Christmas just around the corner, let's count down the countries that spend the most during the holiday season, using data from ING's Special Report on Christmas and New Year spending.

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Coming in last place on the list, the study reveals people in the Netherlands only spend a tiny 1% (£28) of their average monthly earnings (£1,976) on Christmas gifts. But before you brand them a bunch of Scrooges, it’s likely to be so small because they also enjoy Sinterklaas on 5 December, where they exchange gifts to celebrate Saint Nicholas.

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Although they boast magical Christmas markets, it appears the people of Belgium aren’t so big on gift giving themselves. Belgians spend an average of 7% (£105) of their £1,574 monthly income on Christmas. However, like the Netherlands, Belgians also celebrate Sinterklaas which could impact their spending.

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Despite enjoying one of the highest average monthly incomes of any of the countries on this list (£2,058), Australia is in third last spot. Aussies spend just 7% of their average monthly income on Christmas gifts, shelling out £141 during the festive period.

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From their love of advent calendars to their famous festive markets, the Germans sure know how to celebrate Christmas. According to ING’s report, Germans are the people most likely to put a budget in place for Christmas shopping. They spend £141 on Christmas, which is 9% of their £1,632 average monthly income.

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Like many of its European neighbours, Luxembourg starts the gift giving early in December to celebrate Saint Nicholas, or Kleeschen as the locals call him. As a result, people spend less than other countries on Christmas, parting with 9% (£211) of their £2,247 monthly income.

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The report suggests Poland’s average wage, cost of living and currency exchange rates could be the reason behind its people's reduced expenditure on Christmas gifts. With their average monthly income sitting at £446 Poles spend around 11% (£49) of that on presents.

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With average earnings of £1,635 each month, Austrians have one of the highest incomes on the list. The report reveals they spend 11%, or £176, of that on presents for Christmas.

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Sitting in the middle of the pack is France. The French earn an average of £1,567 and, like Austria, spend 11% of it (around £176), on gifts for their loved ones at Christmas.

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Spaniards spend approximately 12% (£141) of their £1,183 monthly earnings on Christmas. Although the number seems modest, the Spanish tend to give most of their gifts on 6 January, the 12th night after Christmas, for a festival called Epiphany or Fiesta de Los tres, which celebrates the gifts the three wise men brought to baby Jesus.

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Like the Spanish, the Italians also celebrate Epiphany. In parts of Northern Italy it’s common to only give small gifts at Christmas and larger, more expensive presents on Epiphany. Italians spend 12% (£141) of their £1,223 monthly income on Christmas gifts.

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According to the report, Americans are more likely than any European nation to go into debt to pay for Christmas, with one in five using credit to cover costs last year. On top of that, more than a quarter of Americans intend to spend more this year than in 2014 – around 15% (£253) of their £1,664 monthly earnings to be precise.

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Tying with the States, the Brits plan to spend around 15% (£296) of their (£1,981) monthly income on Christmas presents this year. And, like the US, they are more likely to fall into debt to cover their shopping with around 15% admitting to using credit to pay for it.

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Coming in second place is the Czech Republic. Although their average monthly income is only £511 they are incredibly generous when it comes to gift giving. The report reveals they spend around 25% (£126) of their monthly earnings on gifts.

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Coming in first place is Romania who prove they have the most Christmas spirit. The central European nation has the lowest average income of any country on this list at just £243. Despite this, when it comes to the festive period they like to splash their cash, spending a whopping 32% (£77) of their monthly income on Christmas gifts.

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