Shoppers in Ireland are expecting to allocate about 14% more for Christmas this year compared to 2023, reports RTE.
According to new findings from the Competition and Consumer Protection Commission (CCPC), the average amount anticipated by those surveyed is €1,177 for the holiday season, an increase from last year’s €1,030.
A quarter of the consumers mentioned they foresee spending more, attributing this to rising costs and the pressure to purchase additional gifts, reports RTE.
Most intend to rely on their savings for Christmas expenses, but approximately 20% plan to borrow an average of €631.
Grainne Griffin, CCPC’s director of communications, stated, “It is clear that many consumers are facing a costly Christmas, with one in five intending to borrow against credit cards or other forms of credit to manage their expenses.”
About 54% of participants indicated it will take them over a month to eliminate their Christmas debts, suggesting the importance of seeking out the best credit options, reports RTE.
While 46% believe they can settle any debt within a month, nearly one-third expect it could take up to three months, and 18% anticipate repaying it over the course of a year.
Additionally, 5% are uncertain when they might be rid of their Christmas debt.
Ms. Griffin advised, “For those who chose to borrow, it’s wise to explore all available credit options before resorting to a credit card or selecting ‘pay later’,” reports RTE.
“If it’s going to take several months to repay the costs of Christmas, a standard loan might often be a more economical alternative compared to a credit card or other expensive credit options.”
More than half of the respondents experienced some type of negative issue with gift cards and vouchers, reports RTE.
Over a third of the 1,000 individuals surveyed by Ipsos B&A reported that they’ve had gift cards or vouchers expire before they could use them.
More than one in four admitted to having lost them, while 17% stated the business had shut down before they could redeem them.
“If you have vouchers from last year, think about using them to buy this year’s Christmas presents. If you’re planning on gifting a voucher, do consider if giving cash instead might make it easier and quicker for the recipient to find the right gift for them,” said Ms Griffen, reports RTE.
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