We're set to spend around 13% less on Christmas this year, compared to last year.
A survey carried out for the Competition and Consumer Protection Commission (CCPC), shows the average person is set to spend €1,030 for Christmas this year, with around one in four expecting to spend at least €1,250.
45-54-year-olds plan to spend the most, with almost half expecting to spend at least €1,000, with an average expected spend of €1,334.
Those with children will spend more, at an average of €1,369.
The research by the CCPC also found more people are planning to borrow to fund the festive season, with 29% using credit cards, loans from family, credit unions or banks.
The survey was conducted ahead of Christmas over a two-week period in October 2023.