Consumers look set to cut back on spending this Christmas as the cost of living crisis takes hold.
89% plan to spend less, or not increase their spending on their families while 41% will spend less on gifts for friends.
The figures from EY Ireland are contained in its latest Future Consumer Index which also finds 37% will purchase less food for celebratory meals to avoid waste this Christmas, while and 44% plan to use less festive lighting and decorations at home.
Colette Devey, EY Ireland Partner and Consumer Products and Retail Lead says consumers are becoming more selective when it comes to spending:
"We are looking at consumer behaviors and seeing what we are calling the emergence of the era of the conscious consumer. What that means, in fact is on one hand consumers who are exercising caution particularly in light of rising inflation rates and increasing energy and household prices, they're feeling more constrained in their ability to spend, and will be making conscious decisions about how they spend through the upcoming festive period."
