Monday is set to be the biggest-spending day of the year with UK consumers shelling out £350m.

According to retail association IMRG, UK shoppers will spend an expected £5bn this month – a year-on-year increase of 14 per cent.

According to research carried out recently for the IMRG e-Customer Service Index by eDigitalResearch, three-quarters of consumers are planning to do half or more of their Christmas shopping online.

Online entertainment retailer said it expects its top sellers to be the Call of Duty – Modern Warfare 2 game, Take That – The Circus Live DVD and the teen vampire Twilight series.

A report by researchers ComScore said the previous record for the heaviest day of online spending in the US has already been smashed this year.

Until last week, 9 December 2008 was the biggest day for online shopping with US consumers spending $834m. The record is now held by 30 November this year, when they spent a total of $887m.