Festive Finances: Irish Shoppers Keep Christmas Spirit Alive Despite Rising Costs
How are the Irish celebrating Christmas this year? Savings platform Raisin Bank set out to uncover the answer by surveying consumers about their preferences, shopping habits, and the true meaning of the season—revealing some surprising insights along the way.
- Over 90% of respondents feel that Christmas is more expensive this year.
- Budgets remain steady, with respondents equally split between spending less, more, and roughly the same amount as they did last year.
- Three in five respondents do not take on any debt for their shopping, with one in three managing to clear their Christmas debt hangover within a month.
- Almost two in five respondents have a gift budget of over €300.
- Online shopping seen as more convenient, but two in three prefer going to brick-and-mortar stores.
It’s the season to spend money
How are Irish shoppers managing their Christmas budgets this year? Unsurprisingly, inflation is making its mark, with over 90% of survey respondents saying festive shopping feels pricier than last year. Half admit they're spending more than they'd like, stretching their wallets to bring the season’s cheer.
Most shoppers fund their Santa lists with monthly income or regular savings, but 15% rely on their credit cards and 9% make use of buy now pay later programmes. While most manage to stay out of the red, 34% need time to recover from the festive splurge. Of these, over a third bounce back within a month, while the majority clear debts within one to three months. Only a small 6% find themselves still paying off Christmas expenses after three months.
It seems the cost of holiday joy might be higher, but Irish shoppers are finding ways to balance the scales.
Unanimous: Gifts have become more expensive
Yes, gifts have definitely become more expensive | 55% |
Yes, gifts have become a bit more expensive | 37% |
No, prices for gifts have stayed more or less the same | 8% |
No, some gifts are cheaper than they were last year | 0% |
So, how much do gift shoppers spend on average? Almost two in five respondents indicate they splash out over €300 on gifts. Nearly one in five respondents keep their budgets up to €100. Almost half of respondents spend between €100 and €300.
Two-thirds of shoppers save during the year for the season. Half of these shoppers adopt a structured approach, putting money aside throughout the year, and the other half save sporadically, demonstrating that planning ahead is key to keeping the festive finances in check.
Wide range of Christmas budgets
Up to €99 | 19% |
Between €100 and €200 | 23% |
Between €200 and €300 | 22% |
More than €300 | 37% |
Brick-and-mortar not down and out
With the rise of online shopping, do brick-and-mortar stores still hold their ground during the festive season? Surprisingly, only one in seven shoppers (14%) go fully digital, while half of respondents plan to spend more online than in physical stores. A quarter, however, still favour the high street, and one in five splits their budget evenly between the two.
What keeps shoppers coming back to brick-and-mortar stores? The festive experience. Despite the convenience of online searching, many still value the charm of in-person browsing, with 85% lamenting the potential loss of physical stores. Two-thirds of shoppers prefer the high street to the computer screen when it comes to the shopping experience. Yet, the digital world holds two strong cards: price and convenience. A notable 75% of shoppers believe they snag better deals online, and 80% find shopping online more convenient, highlighting the competitive edge of e-commerce during the holidays.
The high street may not dominate, but it still shines bright for those seeking a little extra holiday magic.
Brick-and-mortar more charming; online more value for money
Strongly or somewhat agree | Strongly or somewhat disagree | |
I prefer going to a brick-and-mortar shop to shopping online | 66% | 34% |
Online shopping is more convenient than shopping at a brick-and-mortar shop | 79% | 21% |
It's a shame when brick-and-mortar shops go out of business because of online shopping | 85% | 15% |
I get better deals online than at brick-and-mortar shops | 76% | 24% |
Does commerce dim the Christmas glow? Not entirely
Christmas still shines brightly for the Irish, with two out of three respondents saying it’s the most cherished time of year for them. Even more (80%) believe the festive season holds this significance for their loved ones. However, not everyone feels the holiday cheer, as one in four admits they’re not looking forward to it this year.
When asked about the commercialisation of Christmas, the verdict is clear: nine out of ten agree that the season has become overly commercialized, and the true spirit of Christmas has faded under the weight of rising expenses and Black Friday deals. Yet, all is not lost—priorities tell a different story. Only 25% rank gift-giving as their top concern, with over half of respondents valuing time spent with friends and family above all else. Interestingly, roughly one in six carves out solo time to recharge amidst the holiday bustle.
Despite the challenges, the Irish are holding tight to what matters most—connection, reflection, and a touch of festive magic. Commercialisation may have its influence, but it hasn't stolen the soul of Christmas just yet.
Discussing the research findings, Irish financial expert for Raisin Bank, Eoghan O’Hara commented: "While it’s clear that rising costs are impacting how Irish shoppers approach Christmas this year, it’s encouraging to see that most people are planning their spending carefully, with many saving in advance to balance their budgets. The findings also highlight the resilience of the Christmas spirit, as shoppers continue to prioritise meaningful traditions, time with loved ones, and the joy of giving over purely commercial elements.
At Raisin Bank, we’re committed to helping consumers make the most of their money, even during challenging times. It’s inspiring that many are finding ways to maintain the festive cheer while navigating these financial pressures.”