Almost half (46%) of Irish consumers would prefer to send money to family and friends to avoid buying Christmas gifts, PayPal has found.

Among respondents from Gen Z, 50% would prefer to send money. The research, conducted by Censuswide, involved 1,001 consumers across Ireland.

Three-quarters (78%) of respondents would prefer to spend quality time with friends and family rather than buy them gifts this Christmas, rising to 81% among Gen X.

Respondents expect to spend an average of €525 on presents, with consumers in Carlow (€780), Kildare (€692), and Meath (€674) likely to spend the most.

Furthermore, 49% of people surveyed feel under pressure to spend more than planned/budgeted based on what others are spending.

It also appears that people are eager to get their Christmas shopping, with 66% predicting they will have theirs finished by the second week of December. Just 14% appear to be last-minute shoppers, completing their purchases during Christmas week or on Christmas Eve.

Some 47% of Irish consumers surveyed expect to spend more on social events and gatherings this festive season.

The average anticipated spend was estimated to be €339, with respondents from Kildare (€428), Dublin (€385) and Mayo (€376) set to spend most on such outings.

People are not awkward about so-called 'loud budgeting', ie being honest with others about their finances, with 47% saying they would feel comfortable telling friends or family they haven’t budgeted for a specific activity or gift, and almost a third (32%) having told friends as much previously over the festive season.

“While it is a time of year when people are spending and when some are feeling more financial pressure than usual, people’s preferences and behaviours are changing," said Jonas Breding, general manager for northern Europe at PayPal.

"As well as more convenient and cost-effective ways of treating friends and family at this time of year, people are also opting to do activities with, rather than buying things for their loved ones.

“Consumers in Ireland want to make the most of the festive season, but they also want to be smart and realistic regarding their budgets.

"We know that being able to send money or split bills via person-to-person payments is important, as well as feeling empowered and vocal when it comes to priorities for this festive season.”

(Pic: Getty Images)