THREE IN 10 consumers are planning to borrow to fund Christmas this year, according to the Competition and Consumer Protection Commission (CCPC). 

The average expected spend this Christmas is lower than last year, the CCPC found. On average, consumers expect to spend almost almost €1,030, down from €1,186 last year. 

A total of 29% of people expect to fund their Christmas spending through borrowing. 

Among respondents who have savings, 80% report they will use them to fund their Christmas shopping. 

The CCPC found that 45 to 54-year-olds intend to spend the most. Almost half of this age group expect to spend at least €1,000, with an average expected to spend €1,334. 

Those with children, aged under 18, reported the sharpest decline in expected spending, with anticipated spending levels back where they were in 2021. 

Those with children are expected to spend an average of €1,369 this year, down from €1,590 last year. 

More than four in five people expect to spend more money this Christmas than last, citing inflation as the reason. 

“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,” CCPC director of communications Grainne Griffin said. 

“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,” she said. 

Griffin said that “however much you’re planning to spend this Christmas, make sure you know your rights as a consumer”. 

“Your rights are independent of any warranty or guarantee, and they generally last much longer,” she said. 

“If something is faulty or not as advertised, your rights to a repair, replacement or refund are strongest in the first year after you get it, but they don’t just go away once that year is over.” 

1,035 interviews were carried out among a representative sample of the Irish population between 17 October and 31 October for the survey.