14% of people are expected to spend over €2000 this Christmas.
A survey published by the Competition and Consumer Protection Commission also found almost 1 in 3 three people are planning to borrow money to cover Christmas costs.
The average household spend is predicted to drop to €1030, and those with children are expected to cut back €200 on average.
Director of Communications at the CCPC, Grainne Griffin, says the scaled down Christmas trend is due to overspending throughout the pandemic:
