Two-thirds say they'll use their savings to fund Christmas this year.
New research by the Competition and Consumer Protection Commission (CCPC), also found 1 in 4 plan to borrow to fund Christmas spending.
Households will spend an average of €1,200 on Christmas shopping this year, a 20% increase on 2021 spending.
Families with children are planning to spend €1,600, while overall the 35-44 age group intends to spend the most over the festive season with an average of almost €1,500.
73% said rising prices are the main reason why they're planning to spend more this Christmas.
42% said ‘Making Christmas extra special this year following the pandemic and Covid-19 lockdown restrictions, was their reason for spending more this year.