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Given much thought to your spending habits this Christmas? Are you more of a giver or a treat-yourself-er?
New research carried out by iReach Consumer Omnibus Survey, on behalf of Bank of Ireland, has found that we are a nation who loves to buy gifts for loved ones, but are partial to indulging in ourselves too — namely, with food, drink and taxis.
In the run-up to Christmas, 2 in 3 Irish shoppers (64%) find they spend most of their money on food and drink. Clothing and accessories are the second-biggest expense at 11%, followed by entertainment at 9%, travel at 5%, beauty treatments at 3% and finally home décor at 2% of a person’s overall budget.
The findings discovered that the average spend on taxis, takeaways and dining out will top €260 per person this festive season. Eating and drinking will make up €180 of that and 82% of Irish shoppers will spend up to €60 on taxis alone, with an estimated average spend of €41 per person. The Christmas spirit also signals an increase in the spend on takeaway food, with the average totalling €46.
Although 31% of respondents set a rigid budget for Christmas, a third of Irish consumers spend more than their allocated amount on gifts for others. 1 in 5 of those surveyed find themselves holding out on spending until Christmas is just around the corner, but ultimately break the budget when doing so.
Irish consumers like to save on their purchases all year long and the same goes for Christmas time, with 69% of respondents saying they actively look for discounts, while price discounts (70%), use of loyalty schemes (45%) and multi-purchase offers (45%) are the greatest purchase incentives. When trying to stay on track with a strict budget, 7 in 10 Irish people will refrain from self-gifting and stick to gifting others.
However, we still like to treat ourselves, with many more consumers sticking to a ‘one for you and one for me’ mentality. A meal or drinks with loved ones (18%), new pyjamas (16%) and a new outfit for Christmas Day (15%) place as the most purchased personal treats.