ILCU launches annual Christmas campaign and research
The Irish League of Credit Unions study launched this week shows that Irish consumers will spend €590 on average over Christmas and that Tesco remains the number one shop consumers plan to shop at this festive season
Print12 December 2013
With Christmas just around the corner, The Irish League of Credit Unions (ILCU) has launched its annual Christmas campaign and has issued a warning to people not to borrow beyond their means over the Christmas period. It believes Irish consumers should stick to their limit and avoid entering the New Year surrounded by debt. It was found that on average Irish consumers will borrow €410 to spend over Christmas this year.
The research, carried out by iReach Consumer Decision Research Panel, found that 75% of the population feel worse about their financial situation in the run up to Christmas 2013. This marks a fall from 81% in 2012, however people still fear that the recent budget and economic climate will have a dampening effect on Christmas this year.
When it comes to shopping for Christmas food the study found that Tesco will remain the main shop that consumers will shop in. While Tesco remains the number one shop this year for food shopping, it has experienced a 5% drop in preference from 36% in 2012 to 31% this year. It is followed by Dunnes Stores which came in second place, with 21% of those surveyed choosing it over other retailers. Aldi and Lidl both received an increase in popularity this year, coming third and fourth in the survey respectively.
It was found that Irish consumers will spend on average €590 over the Christmas period, an increase compared to €527 in 2012. Middle age adults are set to spend more than other age groups and males expect to spend more than their female counterparts this year. While men plan to spend more this year than women, it is women who will be more organised this year with 80% of them saying they will be organised for Christmas compared to 57% of men.
Parents are set to spend slightly more this year on Santa presents, raising €15 to €185 per child. Online shopping is set to be just as popular this year with 65% of the population planning to shop online for present, with the main reason behind this continuing to be better value followed by convenience. When presents are not purchased online, a high proportion of both males and females will extensively research their planned presents online prior to physically purchasing the product in a shop.
Speaking about the research, Kieron Brennan, ILCU, CEO said: "Our annual Christmas research again shows us that while people really enjoy the build-up and the time spent with family, many are over spending and in many cases getting themselves into debt unnecessarily."
He also added: "Setting a Christmas spending budget is more important now than ever, as is writing a list. Plan how much you can afford to spend – and stick to it. This will allow people to be in a better position to keep a tight rein on Christmas shopping costs."
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