Less than 20pc of Irish people say they will spend more on their Christmas shopping this year, as the Covid-19 pandemic continues to cause economic uncertainty.
One in three people say the plan on spending the same this festive season as previous years, according to a survey from brand communication firm Kinetic Insight.
Of those planning to increase their spending, 45pc cited a “difficult few months” as the main reason.
The survey of 250 people identified a number of respondents who made “significant” savings since the pandemic was first confirmed in Ireland in March. Around two in five respondents plan on spending money from these savings for the festive season.
This trend is most prevalent amongst the younger age cohort, aged 16-24, with 51pc of this demographic planning to use savings for their Christmas shopping this year.
Almost half of respondents also plan on starting their Christmas shopping early this year, which is consistent across all demographic groups.
Just over one in five people surveyed started their shopping in September, with the majority of respondents planning to start in October.
Caroline DeCourcy, insights director at Kinetic Insight said: “Retailers and brands will need to be more strategic in planning how they can reach consumers. Consumer shopping habits have been altered in so many ways and brands need to be creative to reach their audiences in an efficient and effective ways.”
So far this year consumers have put an extra €10bn into banks and credit union savings accounts.
Figures from the Central Bank last month show households now have €120bn on deposit.
The surge in savings has been prompted by people putting off major purchases and hoarding money over fears the economy will fall into recession. The amount of money on deposit in banks and credit unions rose by €2bn in July alone.