Christmas spending surges with a 30% Debit and Credit Card spending increase recorded in early December

  • Early days of pre-Christmas 2024 spending shows a 30% increase versus the same period 2023
  • 36 – 45s have spent the most money so far this festive season – and like to make a last minute dash to the shops
  • Just over half (53%) say they occasionally / rarely / never plan ahead to cover upcoming expenses. (Financial Wellbeing Index, ‘24)
  • 59% always put some money aside every month to cover day-to-day unexpected expenses (Financial Wellbeing Index, ‘24).

The most common last-minute spenders during the festive period based on 2023 spending data were 36-45 males, which may not come as a surprise to many as boyfriends and husbands rush to the shops as Christmas Day approaches.

Debit and credit card spending data from Bank of Ireland has highlighted how the Irish population budget for Christmas and the nature of festive spending, while insights from the Bank of Ireland national Financial Wellbeing Index* reveals patterns in planning and spending across peoples’ financial lives. The biggest week for spending in the year is the second week of December with a surge in large spending last year.

  • December 2024 Retail spending is on course to be higher than in December 2023, with early December (1st – 4th) spending in retail outlets increasing by 14% compared to the same period last year.
  • Insights reveal that spending in chemists, beauty retailers and gaming shops rises dramatically in the final three days before Christmas (+54%) compared to earlier in December.
  • In 2023 36 – 45 males were the biggest last-minute spenders on smaller items late in the month.

The biggest Christmas spending day of the year in 2023 was December 22nd the standout day for festive purchases, with spending 20% higher than on Black Friday and 90% more than on Cyber Monday

  • A number of sectors are already witnessing a pre-Christmas spending boost versus the same period in 2023: Beauty (+96%), Electrical (+56%), Clothing (+25%), Toy Shops (+17%), Restaurants (+8%) and Pubs (+2%).
  • In the grocery sector, the last ‘Big Shop’ happened in 2023 on December 23rd – which was the biggest grocery shopping day on debit and credit cards recorded in 2023.
  • 13 – 17 year olds recorded the highest spending % spike in early December 2024, whilst 36 – 45 year-olds actually spent the most money to date when compared to 2023.

Bank of Ireland’s Financial Wellbeing Index shows that while 47% either always plan ahead or feel they don’t need to plan ahead for upcoming expenses, 53% say they only occasionally / rarely / never plan ahead to cover upcoming expenses.

  • 49% say they feel confident managing their money.
  • 59% always put some money aside every month to cover day-to-day unexpected expenses.
  • 49% of people agreed that thinking about their financial situation made them anxious.

Dawn Bailey, Head of Financial Wellbeing, Bank of Ireland said: “This year we are already seeing an uptick in spending on Bank of Ireland debit and credit cards, as Christmas shopping begins in earnest. Bank of Ireland Financial Wellbeing Index for 2024 shows a broadly similar sentiment to last year with some modest movements across the spend, save, borrow, and plan areas.

“Regular saving helps to improve our overall financial resilience and reach our long-term financial goals. When it comes to Christmas and other calendar occasions or big life events, planning ahead is probably the most important first step in managing and being in control of your finances. Planning ahead helps ensure we are in a good position to cover upcoming expenses and manage those bigger life moments – both expected and unexpected.

“Yet, just over half of the population say that they occasionally / rarely / never plan ahead for up-coming expenses, which is concerning. Both saving and planning ahead are areas where we could focus on as a nation. To support customers with their financial wellbeing, we have advice on our website on how to budget and plan throughout the year.”

Things to remember when budgeting and planning your Christmas spending:

  • Many companies pay December salaries early, however Direct Debit dates won’t change. Remind yourself of when payments are scheduled to leave your account so you can make sure there is still money in your account to cover them.
  • Be smart with your food shop in the run up to Christmas. Instead of waiting until Christmas week to do the infamous ‘Big Shop’, buy one or two extra items each week. Spreading the cost can help to reduce the pressure.
  • Bank of Ireland customers can check their Mi365 which can help to keep track of spending and spot duplicate transactions.
  • Christmas brings new opportunities for cyber-crime so remember to be extra vigilant while shopping online over Christmas and during the January sales. Our expert fraud team is there for our customers 24/7 across the festive season, including on Christmas Day on our dedicated fraud phoneline: 1800 946 764

For information and advice on how to budget and plan throughout the year, visit Financial Wellbeing – Bank of Ireland

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Note to editors:

  • Christmas spending insights are based on credit and debit card data from the end of November and first week of December 2024, and December 2023.
  • National Financial Wellbeing Index is Bank of Ireland’s annual survey to track the Financial Wellbeing and Financial Literacy Score of the Irish population. Research was conducted by Red C with Nationally representative sample of n=1,019 adults aged 18+ living in the Republic of Ireland. Fieldwork took place from 9th September to 18th September 2024