Report Shows Financial Burden On NI Christmas Shoppers

Two thirds of consumers do not feel positive about their finances ahead of this year's Christmas celebrations, while 67% find the cost of running their homes much harder over the festive period, according to a new report.

The Northern Ireland Christmas Spending/Debt Survey has been released today by the Irish League of Credit Unions.

It said 55% of consumers in Northern Ireland are anticipating having to borrow to get through Christmas, with £416 on average being the estimated amount.

The report notes that it takes three months for a consumer in Northern Ireland to financially recover from overspending at Christmas.

58% say Christmas will be enjoyable, but 58% also feel that there is not good value in goods and services on the high street. 89% will shop online and the report found that Amazon is the most popular website.

Parents in Northern Ireland plan to spend £233 on Santa presents for their kids

Rosemary O’Doherty of the Irish League of Credit Unions said: "We all need to remember that Christmas really is about giving...not robbing the family finances. People can be savvy when it comes to shopping at this time of year. For example, starting early to avoiding getting caught up in 'panic buying' can really help keep costs low and provide the family member sufficient time to search for the best deal. Online can be great for locating some great value but keep an eye on the mail, courier or delivery costs.

"Setting a Christmas spending budget is more important now than ever as is writing a list. This will allow people to be in a better position to keep a tight rein on the Christmas shopping costs. Avoid pay day loan companies and moneylenders but if you feel that you need to borrow speak to your local credit union first. To all of our credit union members in Northern Ireland, we wish you and a happy holiday season and all the very best for the New Year."

(IT/CD)