Santa clause: Recession to hit Christmas splurge

COVER your children’s ears and tell them to leave the room: the worst recession news yet is about to arrive.

Santa Claus could become the latest victim of the economic downturn, after research claimed the average Irish shopper is preparing to slash their spending on gifts for family and friends during the Christmas period.

Financial firm Deloitte has reported that despite the season of goodwill being just around the corner, Irish spending over the course of December will plummet by more than 10% as the reality of the recession hits home.