Christmas spending set to match last year's total despite cost of living crisis

Spending this Christmas is expected to match that of last year with an extra €978 set to be spent on top of the average monthly amount in December, despite the cost of living crisis.

Retail Ireland predicts the average Irish household will spend €978 more in December than they do in the 11 other months of the year. This will increase household spending by €1.86bn.

A new survey from Retail Ireland finds that bargain hunting will be a high priority for consumers looking to stretch their budget for Christmas presents, along with food and drink, as well as covering monthly bills.

"After Covid clouding the celebrations over the last couple of years, there are signs Irish consumers are determined to ensure the Christmas is properly marked this year," said Arnold Dillon, director of Retail Ireland.

"Spending is likely to happen a bit later this year, however, as people started shopping a bit earlier last year due to a concern about new Covid restrictions."

"While consumer spending is likely to be similar to last year, shoppers are very focused on getting value for their money," Mr Dillon said.