Half of people surveyed by the Irish League of Credit Unions plan to borrow money to cover the cost of Christmas.
Figures show that Irish consumers expect to spend on average €600 this festive season.
The Credit Union survey shows that one third of people feel satisfied with their financial situation this Christmas, but it also reveals that half will have to borrow to meet the cost.
6% say they are likely to approach a moneylender to foot the Christmas bills.
The number of people shopping for presents online continues to grow, with two thirds of people saying they will make an online purchase.
Parents plan to spend on average €180 on presents for their children this year.
The survey by The Irish League of Credit Unions also found that on average it will take consumers eight and a half weeks to recover from over-spending at Christmas time. It will take a further 6% a total of six months to recover.
The majority of people surveyed believe Irish people spend too much money on Christmas, the Credit Union said.