According to recent data from the Competition and Consumer Protection Commission (CCPC), respondents anticipate spending an average of €1,177 during the holiday season, which is an increase from €1,030 the previous year.

Rising prices and pressure to purchase more gifts were the most often mentioned reasons given by one in four customers who stated they expect to spend more.

While the majority intend to use their funds to cover Christmas expenses, around one in five customers intend to borrow an average of €631.

CCPC head of communications Grainne Griffin stated, "We can see that many consumers are facing into a very expensive Christmas with one in five consumers planning to borrow on credit cards or other forms of credit to cover their costs."

Approximately 54% of customers stated that it would take more than a month to settle their Christmas debt, suggesting that they should compare different credit options. Nearly a third said it may take up to three months, 46% believed they could pay off any debt in a month, and 18% said they would pay it off over the course of a year.

Five percent, though, are unsure of when they might be debt-free after Christmas.

"For those consumers who decided to borrow, before reaching for the credit card or clicking pay later, look at all your credit options," said Griffin.

"If it's going to take you several months to pay the cost of Christmas back, then a traditional loan can often be a cheaper option than using a credit card or other high cost credit products."

55% of those surveyed said they had had a bad experience using gift cards and certificates. Ipsos B&A polled 1,000 consumers, and more than one-third of them said that a gift card or voucher had expired before they had used it.

More than one in four said they had misplaced them, and 17% said the company had shut down before they could utilise them. "If you have vouchers from last year, think about using them to buy this year’s Christmas presents," suggested Ms. Griffin.

"If you're planning on gifting a voucher, do consider if giving cash instead might make it easier and quicker for the recipient to find the right gift for them."