Overall, consumer sentiment was described as "steady but subdued" in November as concern grows over the impact of the US presidential election.

While one in ten Irish people say they have no idea how they will pay for Christmas this year according to the latest Credit Union Consumer Sentiment Index.

The Index in partnership with Core Research also found despite the financial worries overall spending plans are up.

"A modest weakening in the economic outlook is likely linked to US election results and concerns over trade and tax revenues," said report author, economist Austin Hughes.

"However, spending plans are up, presumably reflecting Christmas and a Back Friday focus."

The sentiment survey found Christmas spending plans can be best described as cautious but it suggests 2024 will see less of a "cutback Christmas".

According to the research one in ten people don’t know how they will pay for Christmas while 6% will rely on support from family and friends.

Consumers outside Dublin, females and those aged between 45 and 54 were groups who were more likely to say they plan to cut back on spending than others.

The report found those who say they are having difficulty making ends meet are four times more likely to say they do not know how they will fund Christmas spending this year.

The age group most likely to say they do not know how they will pay for their Christmas outlays are those aged between 45 and 54.

Males were three times more likely to plan higher Christmas spending this year than females.

The survey suggests that significant numbers of Irish consumers either plan to cut back, are relying on family and friends or don’t how they will pay for Christmas.

While economic conditions at the ‘macro’ level have clearly improved, it seems that Christmas 2024 will be a time of worry for many.

In a rare occurrence the index reading of 74.1 for November was identical to that in October.

Only once previously in nearly three decades of the sentiment survey has the index been completely unchanged between one month and the next.