ALERT: Average person spending €1,100 this Christmas but here's the traps to avoid

The Competition and Consumer Protection Commission (CCPC) revealed that the average expected spending this Christmas is €1,177, which is 14% higher than in 2023, as they issued a warning on how to avoid a festive financial hangover.

In a new report published by the CCPC, the "behaviours and intentions of shoppers in Ireland this Christmas," were addressed. 

The CPCC said that the increase in expected spending is due to people feeling the need to buy more presents [47%] and rising prices [76%]

One in five consumers, according to the report, plan on borrowing an average of €631 for Christmas this year and three in five said they will dip into their savings.

More than half said that they will take more than a month to pay off their Christmas debt. 

CCPC Director of Communications, Grainne Griffin said:

“If it’s going to take you several months to pay the cost of Christmas back, then a traditional loan can often be a cheaper option than using a credit card or other high-cost credit products.

Don’t ruin January by spending what you don’t have this Christmas – know the full cost of credit before you buy, and only borrow what you’ll be able to repay.”

Gift cards were also highlighted in the report as 55% of people reported a "negative experience with gift cards and vouchers," because they often become expired or lost before they are used.  

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Ms Griffin commented: 

“Our research showed that a quarter of consumers have lost a gift card before they had the chance to use it. If you have vouchers from last year, think about using them to buy this year’s Christmas presents. If you’re planning on gifting a voucher, do consider if giving cash instead might make it easier and quicker for the recipient to find the right gift for them.”

The CCPC offer's a wide range of tips and tools on their website to help consumer spending during the Christmas period.

Their credit card money tool allows you to compare different interest rates that are on offer so you can get the most out of your spending this Christmas. 

Visit CCPC to learn more about how to budget and spend efficiently this Christmas period.