A new survey from the Irish League of Credit Unions has found Irish people have said they will spend slightly less on Christmas this year compared to last.
The 2015 Christmas Spending Survey says that Irish consumers will spend on average €564 this year compared to €600 last year.
The middle aged and mature adult section of the population are likely to spend the most, the survey adds.
The survey also shows that 30% of participants feel better about their financial position in the run-up to Christmas, up slightly from 29% in 2014. More men (33%) than women (26%) are happier about their finances.
But 25% still worry about their finances and how they will cope over the Christmas time, however this is down from 33% last year.
According to the survey, 44% will have enough money in their wages to pay for Christmas this year, up from 36% in 2014. Another 23% are likely to dip into their savings as the main source.
But 45% say they will have to borrow money for their Christmas spend, down from 51% last year. The average amount that will be borrowed is estimated at €388, also down from €417 last year.
Women are more likely to borrow than men, the Credit Union noted.
t will take consumers an average of eight and a half weeks to recover from the financial implications of Christmas with 5% of people taking nine months to repay the cost.
Meanwhile, the founder of the Irish Financial Review has said there is an increasing shift towards people using moneylenders to fund Christmas.
Frank Conway said that borrowing still plays a big role for families at this time of year.