Consumers set to struggle to finance a 'cut-back Christmas', says new report

Economist Austin Hughes said higher inflation equals a hit of about €3,000 to the average households buying power this year

Brown Thomas store display on St Patrick's Street, Cork. Picture: David Creedon

Many Irish consumers will struggle to finance a “cut-back Christmas” this year, according to a new report.

The Credit Union Consumer Sentiment Index for November showed one in five will either borrow to fund extra holiday spending or do not know how they will pay for it.