Consumers plan to spend €1,200 this Christmas according to the Competition and Consumer Protection Commission.
This is up from an average of €1,000 last year.
Along with increased prices, wanting to make this Christmas “extra special” is the reason for the spike in spends.
More than two thirds of people plan to use their savings, as one in four will borrow money.
People aged between 35 and 44 plan to spend on average €1,500, whereas those with children will spend closer to €1,600.