CCPC publishes Christmas shopping research
December 5, 2022
The Competition and Consumer Protection Commission (CCPC) has published its Christmas shopping research which has found that that 68% of consumers are planning to put their savings towards shopping for presents, food and decorations over the festive season, while 24% intend to use a form of borrowing.
Average expected spend of €1,200
Research findings show that consumers are expected to spend an average of €1,200 on Christmas shopping this year, a 20% increase on Christmas expenditure in 2021. Over one third of shoppers will spend an average of at least €1,000, while households with children are due to spend almost €1,600. The 35-44 age group intend to spend the most over the festive season with an average of almost €1,500.
Price increases causing extra spend
Price increases were cited by 73% of consumers as the reason for increased spending this year. Making Christmas extra special this year was also a key reason for 42% of shoppers, while 29% cited an increase in income as a reason to spend more. 20% have more savings to put towards Christmas this year compared to last year.
1 in 4 will use credit
The number of consumers who plan to borrow to fund Christmas expenses has dropped to 1 in 4, compared to 1 in 3 last year. In addition, the number of consumers who plan to use credit cards to finance Christmas has almost halved, dropping from 29% in 2021 to 15% in 2022. Credit cards remain one of the most expensive forms of credit available to consumers.
Find out more about our Christmas shopping research.
Connect with us on social media for the latest updates:
Facebook: /CCPC.ie
Twitter: @CCPCIreland
Instagram: @CCPCIreland
