BELFAST, Northern Ireland–Even as they are worried over paying their heating bills this winter, the average Northern Ireland consumer will still be paying bills related to Christmas well into March of 2016, according to research done by the Irish League of Credit Unions. The same survey found that two-thirds of people are worried about their finances ahead of the festive season.
Those concerns will not, however, stop consumers from spending at average £592 this Christmas.
Fifty-three percent of people say they will borrow money in order to finance their Christmas purchases and will go £389 into the red on average.
Aside from spending on gifts, decorations and food, three-quarters of respondents to the Irish league survey said heating their home would be the most difficult expense to cover over the holiday season.
The survey found parents said they will spend an average of £239 on gifts for children, with consumers taking 10 weeks to recover from overspending.
Fifty-three percent also said they spend too much at Christmas while 48% described it as "a very stressful time of year.”
“We all need to remember that Christmas really is about giving.....not robbing the family finances,” said Brian McCrory of the Irish League of Credit Unions said. "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.