People in Ireland will be spending less on Christmas this year, according to a survey carried out by iReach insights.
They found that the average spend is expected to be €563, down from an average €600 last year.
Each year many people feel under pressure to spend more than they can afford on their loved ones.
iReach surveyed more than 1,000 men and women in the Republic. As well as the average spend going down, it found that shoppers are also less willing to spend their time and money travelling to the north in search of a bargain, with many believing the best value can be found on the internet.
Although the average Christmas spend is slightly down, there has been an increase in the number of people considering borrowing from a short-term loan company with 9% admitting they had thought about it, compared to 8% last year.
Ed Farrell, of the Irish League of Credit Union, said: “We all need to remember that Christmas really is about giving, not robbing the family finances. It is worrying to see that some people are considering using a moneylender this year.
“We would echo warnings about avoiding high interest rate moneylenders. If you feel that you need to borrow, speak to your local credit union first. Using a moneylender can result in consumers getting trapped in a cycle of debt which can be hugely difficult to break free of.”
Despite an increase in people considering using moneylenders, there has been a drop from 30% to 25% of people allowing their money worries to spoil their enjoyment of the festive season.
Finally the survey also revealed that Christmas spending takes an average of eight weeks to recover from, with women struggling to get their finances back on track for longer than men.
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