24/12/2016 7:44 AM AEDT | Updated 24/12/2016 7:44 AM AEDT

Aussies Will Spend More Than $1.6 Billion In Last Minute Christmas Rush

One in ten will head to the shops to grab those final gifts.

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It's going to be a big Christmas Eve for shoppers bagging those last minute gifts.

More than $1.6 billion is set to exchange hands on Saturday as Australian shoppers are set for a last minute rush to purchase gifts in preparation for Christmas.

While many households are already busy applying the final touches to Christmas feasts and decorations, one in ten Australians will be heading to stores across the country, according to the Retail Council.

In a statement, Acting CEO for the Retail Council Steve Wright said: "Given that Christmas Eve falls on a Saturday this year, we expect shoppers to take advantage of the extra day off work before Christmas, and get into stores to finish off their gift shopping,

"Almost 10 percent of shoppers indicated that they expected to finish their gift shopping today, but this number could be higher, as a number of us will pop out to grab a last minute gift for a relative or friend."

The shopping surge will come ahead of a boom in Boxing Day bargains as retailers prepare for another busy rush on Monday.

"This year, we are expecting one of the busiest Boxing Day and sales seasons yet, with over $2 billion expected to be spent on the 26th December alone," said Mr Wright.

"At the close of business on Christmas Eve, the Retail Council forecasts that Australians have spent close to $47 billion in the retail sector, an increase of 3 to 4 percent from last years' figures."