Connect with us

Hi, what are you looking for?

Business

Irish Households Expected to Spend €1,600 on Christmas, Retail Ireland Says

Average household spending on Christmas in Ireland is expected to reach €1,600 this year, marking a 3% increase from 2024, according to Retail Ireland. The figure, which is in addition to everyday household expenses, aligns roughly with the rate of inflation.

Arnold Dillon, director at Retail Ireland, which is part of Ibec, described the increase as a sign of resilience rather than significant growth in the retail sector. “That maybe is reflective of some of the challenges that have been out there,” Dillon said, pointing to persistent cost pressures in supply chains and on businesses themselves. He also highlighted that consumer sentiment has remained below historical levels over the past year.

Dillon noted that earlier concerns about US tariffs’ impact on the Irish economy had weighed on shoppers’ confidence, but as those worries appear less severe than feared, he hoped it might support stronger spending next year.

Combined, household Christmas spending represents more than €9 billion flowing into the Irish economy in December alone, according to Ibec. The group emphasized the importance of the festive period not only for retailers but also for sectors such as leisure and hospitality.

The Retail Ireland survey found that shopping habits remained broadly stable compared with last year, with over a third of adults waiting until December to make their main purchases. Among last-minute shoppers, men aged 55 and over were the most likely to delay, with a third citing habit or tradition, and nearly a quarter saying they had only a few items to buy. Dillon said the final days before Christmas were typically the busiest trading period. “Probably the last couple of days would have been the most significant and the largest trading days of the year,” he said, noting a noticeable boost in sales as many people took time off work.

The survey also pointed to shifts in shopping behaviour. The rise of remote work has affected footfall in town centres, contributing to increased online shopping. Consumers are also becoming more deliberate in their spending, researching products extensively before purchase. Dillon highlighted the growth of the “precision shopper” this year, with many using online tools—including artificial intelligence—to plan purchases and then completing transactions in-store.

“These shoppers arrive with a very clear list of what they want to buy,” Dillon said, underscoring how the post-Covid retail landscape continues to evolve. Retailers have adapted to these changes, offering information and services both online and in stores to meet demand from more informed consumers.

The combination of resilient spending, last-minute shopping surges, and the rise of research-driven purchases shows the evolving nature of Ireland’s Christmas retail season, highlighting the period’s critical role in the wider economy.

Business

Fraudsters are increasingly using AI-generated images and videos to trick people into handing over sensitive personal and financial information, according to FraudSMART, the financial crime awareness initiative operated by the Banking and Payments Federation Ireland (BPFI). The organisation has reported a rise in online adverts promoting fake, State-backed investment schemes. These scams often use fabricated images of well-known politicians and business figures to make the offers appear legitimate and encourage users to click on registration links. Niamh Davenport, head of financial crime at BPFI, said scammers are deliberately exploiting recent media coverage of a planned State-backed savings and investment scheme to give their frauds a sense of credibility. “They often claim the scheme is open to everyone, but that places are limited and being ‘snapped up’ fast, in order to pressure people to act quickly,” she said. “They typically promise guaranteed returns or a guaranteed monthly income.” FraudSMART said that while anyone can be targeted, people in their early 50s are particularly vulnerable to investment scams. This age group is often focused on retirement planning, making them more receptive to financial offers that appear secure or high-yield. According to the organisation, most scams follow a similar pattern. Victims are first directed to click a registration link and complete a short online form providing their contact details. They are then contacted by someone posing as a financial adviser, who urges them to make an immediate “security deposit” to secure participation in the scheme. Once a payment is made, the money is quickly moved through multiple accounts, often overseas, making recovery extremely difficult. Davenport warned that scammers are becoming more sophisticated in their use of technology, particularly AI tools that allow them to create realistic but entirely fake promotional content. These materials are designed to mimic legitimate financial advertisements and build trust with potential victims. Recent figures from An Garda Síochána show investment fraud rose by 20% last year, with losses exceeding €20 million. The scale of individual scams varies widely, ranging from smaller crypto-related frauds involving a few hundred euro to large-scale investment schemes where victims lose tens of thousands. FraudSMART is urging the public to remain cautious when encountering online investment advertisements, especially those promising guaranteed returns or requiring urgent action. It also advises consumers to avoid sharing personal information with unverified sources and to be wary of pressure tactics designed to rush financial decisions. Authorities continue to warn that fraudsters are adapting quickly, using advanced digital tools to target victims across multiple platforms.

Trending

Business

Fraudsters are increasingly using AI-generated images and videos to trick people into handing over sensitive personal and financial information, according to FraudSMART, the financial crime awareness initiative operated by the Banking and Payments Federation Ireland (BPFI). The organisation has reported a rise in online adverts promoting fake, State-backed investment schemes. These scams often use fabricated images of well-known politicians and business figures to make the offers appear legitimate and encourage users to click on registration links. Niamh Davenport, head of financial crime at BPFI, said scammers are deliberately exploiting recent media coverage of a planned State-backed savings and investment scheme to give their frauds a sense of credibility. “They often claim the scheme is open to everyone, but that places are limited and being ‘snapped up’ fast, in order to pressure people to act quickly,” she said. “They typically promise guaranteed returns or a guaranteed monthly income.” FraudSMART said that while anyone can be targeted, people in their early 50s are particularly vulnerable to investment scams. This age group is often focused on retirement planning, making them more receptive to financial offers that appear secure or high-yield. According to the organisation, most scams follow a similar pattern. Victims are first directed to click a registration link and complete a short online form providing their contact details. They are then contacted by someone posing as a financial adviser, who urges them to make an immediate “security deposit” to secure participation in the scheme. Once a payment is made, the money is quickly moved through multiple accounts, often overseas, making recovery extremely difficult. Davenport warned that scammers are becoming more sophisticated in their use of technology, particularly AI tools that allow them to create realistic but entirely fake promotional content. These materials are designed to mimic legitimate financial advertisements and build trust with potential victims. Recent figures from An Garda Síochána show investment fraud rose by 20% last year, with losses exceeding €20 million. The scale of individual scams varies widely, ranging from smaller crypto-related frauds involving a few hundred euro to large-scale investment schemes where victims lose tens of thousands. FraudSMART is urging the public to remain cautious when encountering online investment advertisements, especially those promising guaranteed returns or requiring urgent action. It also advises consumers to avoid sharing personal information with unverified sources and to be wary of pressure tactics designed to rush financial decisions. Authorities continue to warn that fraudsters are adapting quickly, using advanced digital tools to target victims across multiple platforms.

You May Also Like

Politics

WASHINGTON — The Pentagon announced on Sunday that the United States will send a Terminal High Altitude Area Defense (THAAD) battery to Israel, alongside...

Health

NEW YORK — Teen smoking in the United States has reached an all-time low in 2024, with significant declines in overall youth tobacco use,...

Politics

WASHINGTON — As the countdown to the November 5 presidential election continues, former President Donald Trump is urging his supporters to aim for a...

Politics

In September, NASA announced that summer 2024 was the hottest on record. Just days later, the U.S. faced the dual impact of Hurricanes Helene...