Irish festive spending in December is tipped to outpace the same period last year.
Irish consumerism is in full flow as early days of pre-Christmas 2024 spending shows a 30% increase in credit and debit card spending versus the same period in 2023, according to data from Bank of Ireland.
The most common last-minute spenders during the festive period based on 2023 spending data were 36-45 males, which may not come as a surprise to many as boyfriends and husbands rush to the shops as Christmas Day approaches.
“This year we are already seeing an uptick in spending on Bank of Ireland debit and credit cards, as Christmas shopping begins in earnest”
However, December 2024 retail spending is on course to be higher than in December 2023, with early December (1st to 4th ) spending in retail outlets increasing by 14% compared to the same period last year.
Insights reveal that spending in chemists, beauty retailers and gaming shops rises dramatically in the final three days before Christmas (+54%) compared to earlier in December.
A number of sectors are already witnessing a pre-Christmas spending boost versus the same period in 2023: Beauty (+96%), Electrical (+56%), Clothing (+25%), Toy Shops (+17%), Restaurants (+8%) and Pubs (+2%).
In the grocery sector, the last ‘Big Shop’ happened in 2023 on December 23rd – which was the biggest grocery shopping day on debit and credit cards recorded in 2023.
13 – 17 year olds recorded the highest spending % spike in early December 2024, whilst 36 – 45 year-olds actually spent the most money to date when compared to 2023.
The festive financial hangover
Bank of Ireland’s Financial Wellbeing Index shows that while 47% either always plan ahead or feel they don’t need to plan ahead for upcoming expenses, 53% say they only occasionally / rarely / never plan ahead to cover upcoming expenses.
Some 49% say they feel confident managing their money and 59% always put some money aside every month to cover day-to-day unexpected expenses.
49% of people agreed that thinking about their financial situation made them anxious.
“This year we are already seeing an uptick in spending on Bank of Ireland debit and credit cards, as Christmas shopping begins in earnest,” said Dawn Bailey, head of Financial Wellbeing at Bank of Ireland.
“Bank of Ireland Financial Wellbeing Index for 2024 shows a broadly similar sentiment to last year with some modest movements across the spend, save, borrow, and plan areas.
“Regular saving helps to improve our overall financial resilience and reach our long-term financial goals. When it comes to Christmas and other calendar occasions or big life events, planning ahead is probably the most important first step in managing and being in control of your finances. Planning ahead helps ensure we are in a good position to cover upcoming expenses and manage those bigger life moments – both expected and unexpected.
“Yet, just over half of the population say that they occasionally / rarely / never plan ahead for up-coming expenses, which is concerning. Both saving and planning ahead are areas where we could focus on as a nation. To support customers with their financial wellbeing, we have advice on our website on how to budget and plan throughout the year.”
Tips for budgeting and planning your Christmas spending
- Many companies pay December salaries early, however Direct Debit dates won’t change. Remind yourself of when payments are scheduled to leave your account so you can make sure there is still money in your account to cover them.
- Be smart with your food shop in the run up to Christmas. Instead of waiting until Christmas week to do the infamous ‘Big Shop’, buy one or two extra items each week. Spreading the cost can help to reduce the pressure.
- Bank of Ireland customers can check their Mi365 which can help to keep track of spending and spot duplicate transactions.
- Christmas brings new opportunities for cyber-crime so remember to be extra vigilant while shopping online over Christmas and during the January sales. Bank of Ireland’s expert fraud team is there 24/7 across the festive season, including on Christmas Day on the dedicated fraud phoneline: 1800 946 764
-
Bank of Ireland is welcoming new customers every day – funding investments, working capital and expansions across multiple sectors. To learn more, click here
-
Listen to the ThinkBusiness Podcast for business insights and inspiration. All episodes are here. You can also listen to the Podcast on:
-
Spotify
-
SoundCloud
-
Apple
