Newsround went onto the streets to find out about people's plans for the festive season.
A Santa on the street says
I think Christmas is just wonderful this year. Everybody is in a wonderful spirit and everybody is certainly in a great spending spirit.
In Dublin, the cost of Christmas is raised with one woman describing prices in shops as "exorbitant" another is surprised that at how much is being spent at a time of recession
There's no-one in Dublin short of money. Just go in to the shops and see what they're all spending.
It seems that despite the prospect of a stinging budget and dire economic predictions for 1976, most people continue to spend and embrace the commercial side of the festivities.
A Newsround report broadcast on 21 December 1975. The reporters are Brendan O'Brien and Jim Fahy.