"The stark findings in the November Credit Union Consumer Sentiment Index indicate the pressure on household budgets from the cost-of-living crisis in which food, energy and a range of other goods and services continue to rise in price. Stretched families are having to budget, dip into their savings to fund the festive celebrations and some are even borrowing. The survey found that 52pc of Irish consumers said they have less money to spend on Christmas than they had a year ago."
"Surveyors found that 53pc of consumers plan to cut back on Christmas entertainment, with 50pc saying they will spend less on presents this year. Some 42pc of consumers will fund their Christmas spending with their income, down on 47pc a year ago. The numbers relying on savings are up, but so, too, are numbers borrowing or relying on help from family and friends."
Fifty-two percent of Irish consumers have less money to spend on Christmas than a year ago, while only 9% have more. Fifty-three percent plan to cut back on Christmas entertainment and 50% expect to spend less on presents. Forty-two percent will fund Christmas spending with income, down from 47% a year ago. Use of savings to fund festivities has risen to 37% from 34%, and borrowing to finance Christmas has increased to 9% from 7%. Five percent plan to draw on financial support from family and friends. Christmas cost inflation is estimated at 2.4% this year versus 1.7% last year.
Read at Irish Independent
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