Average Christmas Spending Expected to Drop by 13%

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As the festive season approaches, a survey conducted for the Competition and Consumer Protection Commission (CCPC) reveals a shift in consumer expectations, with average Christmas spending predicted to decrease by 13% compared to last year. Average Christmas Spending Expected to Drop by 13%

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The survey, encompassing 1,035 respondents, indicates that the average Christmas spend for 2023 is projected to be €1,030, down from €1,186 in 2022. Families with children under 18 are expected to allocate more funds, with an average spend of €1,369, though this is still a reduction from the €1,590 recorded in the previous year.

Notably, the survey highlights an increase in the number of individuals planning to borrow to finance their Christmas expenses, rising from 24% last year to 29% this year. The primary methods of borrowing include credit cards, loans from family, credit unions, or banks. Only a minimal 2% express intentions to use ‘Buy Now Pay Later’ facilities, particularly for electronic goods and clothing.

Grainne Griffin, CCPC Director of Communications, offers valuable advice amidst the holiday hustle, stating, “At this time of year, it’s easy to feel pressured into making snap decisions around borrowing. Don’t ruin your January in search of the perfect Christmas; know the full cost of credit before you buy and only borrow what you’ll be able to repay.”

Encouragingly, more than 70% of respondents indicate they will utilize their savings to cover Christmas spending, reflecting a cautious yet resourceful approach to holiday budgeting.

As we navigate the holiday season, these insights shed light on evolving consumer behaviors and emphasize the importance of informed financial decisions to ensure a financially healthy start to the new year.

Average Christmas Spending Expected to Drop by 13%

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