Today is not your lucky day if you are one of the few people who is celebrating Christmas late and still needs to buy gifts. The cost of living kept going up across the country, which made this Christmas extra hard for many people around the world. Even though the holidays are already a time of higher costs, this year’s higher-than-usual prices made things even more stressful.
This year’s Christmas gifts one of the most expensive on record
People in Ireland who took part in the most recent KPMG Next Gen Retail Survey said that this year’s Christmas gift prices were some of the highest ever. 72% of those who answered said that this year’s Christmas was a lot more expensive than usual. On the other hand, 36% said that they thought they would spend less on Christmas this year than they did last year.
Head of Retail at KPMG Keith Watt said, “Price is still the most important thing for consumers when deciding where to shop, with 52% rating it as a crucial factor.” “Our research shows that this Christmas will be marked by careful budgeting and a stronger focus on value. This will give retailers both challenges and opportunities to meet the needs of Irish shoppers,” he said.
Budget and spending habits changed this year
People who took the survey said things about how they felt about the rising prices of Christmas gifts that showed how spending habits have changed this holiday season as budgets get tighter. More than half of the people who answered the survey said they were going to spend less on Christmas shopping, and 56% said they were going to eat out less to save money.
The survey also showed that young people are having a hard time. For example, 30% of people aged 18 to 34 said they planned to use credit to pay for their Christmas gifts.
The Irish may be saving money this Christmas, but Mr. Watt said that stores should still be cautiously optimistic. “According to new data from the CSO, retail sales (not counting car sales) went up by 0.7% in September.”
As the busiest time of the year approaches, there is good news for retailers: inflation is going down, the job market is strong, and real incomes are going up.
The poll showed that half of consumers have cut back on spending and bought fewer items, while 46% have used loyalty programs, taken advantage of sales or discounts, and bought more store-brand items.
Notably, 40% of people younger than 45 have stopped their subscriptions in the last year. On the other hand, 55% of people over 55 have used retailer loyalty programs to get lower prices. This shows how different generations cut costs in different ways.
Tips for keeping remaining Christmas gift expenses low
If you still need to do some Christmas shopping, wait until after Christmas to shop so you can save the most money. This is also a good time to start shopping for next year’s Christmas, as long as you still have money to think about Christmas 2025. Also, if you are still trying to find Christmas gifts, do not get too attached to certain items; they may not be available today.
Families may have a hard time and spend a lot of money during Christmas and the holidays. Families often get together during this time, so it can be very stressful to make a good impression as hosts and give great gifts.
Stick to strict spending plans this holiday season so you do not give in to the urge to over-consume or look at other people’s spending plans and feel bad about your own. Families with young children may be most affected by this because they may feel like Santa and compare how much they spend on gifts for their kids at Christmas to other parents.
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