Christmas is always an expensive time of year - particularly for those who enjoy the finer things in life - as the cost of luxury goods balloons.

Coutts has put out a piece of research looking at the price of a figurative "festive basket" comprised of 20 luxury items that are particularly popular at this time of year, including a smartphone, pair of diamond earrings and a silk scarf.

While the latest Consumer Price Index has recorded its lowest reading since November 2016 (1.5 percent), the Coutts Luxury Price Index (CLPI) has found the cost of a luxury festive basket has increased by 26 percent in the same period.