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Average Christmas spending set to fall 13% this year – CCPC
Consumers expect average expenditure this Christmas to be down 13% compared with last year, according to a survey conducted for the Competition and Consumer Protection Commission (CCPC).
The survey of 1,035 people found the average spend this year will be €1,030, down from €1,186 in 2022.
Those with children under 18 will spend more at €1,369, but that figure itself is down from €1,590 last year.
Meanwhile, the numbers that will use borrowing to fund Christmas will rise to 29% from 24% last year.
Borrowing will be mainly through the use of credit cards, loans from family, credit unions or banks.
Just 2% say they will use ‘Buy Now Pay Later’ facilities to purchase products, mainly electronic goods and clothing.
Grainne Griffin, CCPC Director of Communications, said: “At this time of year, it’s easy to feel pressured into making snap decisions around borrowing, whether it’s putting the groceries on your credit card or choosing Buy Now Pay Later at the checkout.
“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.”
More than 70% say they will use savings to cover their Christmas spending.
Article Source – Average Christmas spending set to fall 13% this year – CCPC – RTE
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