The average Irish household is planning to spend €1,395 this Christmas despite growing fears their financial position will deteriorate in 2003, according to a new report.
According to the survey by the Deloitte & Touche Consumer Business Group, "the average household spend this Christmas is expected to be €1,395 in Ireland, compared to just €608 in Belgium".
The survey says 28 per cent of consumers expect to spend more this year than in 2001 while 46 per cent expect to spend the same amount of money as last year. Twenty-four per cent of consumers expect to spend less this year than last Christmas, it said.
The main reasons given for spending less, it reported, were money being put aside for other purposes, lower actual income and lower anticipated family income.
According to the survey, most households surveyed believe the economy is either "flat" or "in recession".
Sixty-three per cent said they felt that prospects for 2003 were poor, saying that the economy will "deteriorate or weaken next year".
Four out of ten consumers feel that their own household's financial position will deteriorate or weaken in 2003.
"In spite of the fall in consumer confidence and some feelings of job insecurity many Irish consumers appear to be planning to use this Christmas to 'let of steam' by spending significant amounts on gifts, food, drink and socialising," the report said.
