The number of Irish people who believe their family fortunes will improve between now and next Christmas has increased to almost one-third, but an almost identical number say financial worries will ruin Christmas.
According to a new survey by the Irish League of Credit Unions (ILCU), 29 per cent of people are upbeat about their economic prospects for next year, compared with 25 per cent last year.
However, three-quarters said managing their household bills and expenses would be “much harder” over the Christmas period, with 51 per cent admitting they would struggle to heat homes and 40 per cent finding it difficult to cover other utilities.
A further 39 per cent said they would find mortgage or rent payments hard, while 35 per cent said they would find it difficult to cover food.
All told, 30 per cent said they were afraid that money worries would spoil Christmas, compared with 33 per cent in 2013. Some 60 cent said Christmas would still be enjoyable regardless of money worries.
Fewer struggling
The numbers who say they will really struggle to give their families a happy Christmas has halved to 5 per cent compared with 2011 at the height of the economic crisis.
Irish consumers expect to spend on average €600 this Christmas, compared to €590 at Christmas 2013. Men are expected to spend more than women this Christmas, spending on average €614 while women say they will spend €588.
“We all need to remember that Christmas really is about giving ... not robbing the family finances,” said Ed Farrell of the ILCU. “People can be savvy when it comes to shopping at this time of year. For example, starting early to avoid getting caught up in ‘panic buying’ can really help keep costs low.” He advised people to set a Christmas spending budget and make lists. “This will allow people to keep a tight rein on the Christmas shopping costs.”
He was concerned some people "are considering using a moneylender this year. We would echo warnings from the Central Bank last week about avoiding high-interest-rate moneylenders."
Traffic surge
Meanwhile, a campaign aimed at managing traffic during the Christmas period has begun in Dublin city centre.
The scheme, Operation Open City, is a joint operation between An Garda Síochána, the National Transport Authority and local authorities and retailers. It aims to minimise disruption to consumers and commuters through a focus on public transport and traffic enforcement activity.
Minister for Transport Paschal Donohoe encouraged consumers to consider using public transport when coming into the city centre to help avoid congestion.
The period is traditionally one of the busiest times of the year for the city, with the weeks leading up to Christmas estimated as counting for one-third of annual turnover for some retailers. Over the past week, traders say there has been an increased footfall of 20 per cent.
