Survey: Irish people to spend less this Christmas
Irish people intend to spend 5% less this Christmas with each person set to spend an average of €605 versus €637 for last year, according a new study.
The quarterly Consumer Saving Sentiment report from EBS reveals that 48% of people will only spend what they can afford over the festive season, while 37% will dip into their savings, and only 5% are planning on using credit cards to meet Christmas costs.
Meanwhile 7% of people questioned say they’ll spend more than last year with 49% spending the same amount and 44% spending less.
“The vast majority of people plan to only spend what they can afford this Christmas and are seeking to avoid the use of credit cards,” said Dara Deering of EBS.
“This pattern highlights the priority that people are placing on saving for major purchases and is also a symptom of the ongoing economic environment where people are trying to be more in control of their finances.
“The trends we’ve seen over the past three years have shown that more people are now saving for particular events or large purchases as opposed to spending credit and paying back afterwards.”
The survey also revealed that 80% of people either save regularly or periodically, down marginally by 3% since last year
The research was conducted among 1,001 Irish adults between November 15 and 26.