The most common last-minute spenders during the festive period based on 2023 spending data were 36-45 males, according to an update from the Bank of Ireland. This may not come as a surprise due to the general increase in consumer spending seen during the end of the year period.
Debit and credit card spending data from Bank of Ireland has highlighted how the Irish population budget for the holiday season as well as 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.”
According to the update, 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.”
According to the report from the Bank of Ireland, 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 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%).
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.”
Here are other key stats:
- 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.”
They added:
“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.”
They also shared:
“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.”
As clarified in the update, 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.