Irish are EU’s big spenders at Xmas

IRISH shoppers are the spendthrifts of Europe when it comes to Christmas, according to a new survey.

The study found that families will spend an estimated 1.8b over the festive period - an average of €1,395 per household.

Despite the gloomy economic forecast and toughest budget in years, the Deloitte & Touche Consumer Business Group survey found the majority of Irish families will spend Christmas in style this year.

“In spite of the fall in consumer confidence and some feelings of job insecurity, many Irish consumers appear to be planning to use this Christmas to ‘let off steam’ by spending significant amounts on gifts, food, drink and socialising,” said head of consumer business, Brendan Jennings.

The Deloitte & Touche survey found that 28% of consumers expect to spend more this year than in 200, while 46% plan to shell out the same amount as last year.

The Deloitte survey found that Irish households will spend:

€567 on presents, compared to a European average of 446

€280 on food and drink,

€263 on clothes

€285 on socialising.

The Irish are among the most prolific gift givers, each giving an average of 14 gifts. Only the Dutch, with 15 gifts, are more generous. Irish adults expect to receive an average of seven gifts.

German shoppers plan to buy the most expensive gifts, spending an average of 76 per gift. The European average is €48. This compares with €41 per gift in Ireland.

Half of shoppers surveyed say that they will put-off at least some of their Christmas shopping until the last minute in order to get larger discounts, with 15% saying that they will put off the bulk of their shopping until after Christmas Day.

However, the Irish League of Credit Unions (ILCU) has urged people not to get into unmanageable debt this Christmas.

ILCU President Mr John O’Regan said parents are going way beyond their means to ensure their children had the best of everything.

“Spending large sums of money on gifts, and other Christmas celebrations, may bring some temporary cheer, but it is also storing up problems for the future for people who can’t afford it,” he cautioned.