Tag: #paypal

PayPal study: SME owners in Ireland are prioritising tech investments to drive growth

Small and medium-sized enterprises (SMEs) in Ireland that sell online appear to be experiencing a growth period, with 96 per cent seeing an increase in online sales over the past 12 months. A similar proportion (95%) are feeling optimistic about the growth of their business over the next year.

PayPal’s 2024 ‘Business of Change Report’* revealed that on average, SMEs selling their products or services in international markets generated €240,605 in the last 12 months. Those surveyed that don’t currently sell internationally, but are planning to do so in the future, estimated that the move would generate €122,728 annually for their business.

Cross border trade a catalyst for growth

Further exploration into the prevalence of international commerce uncovered that half (50%) of SMEs in Ireland are presently engaged in international sales, with an additional 30 per cent intending to do so within the next year. Among those already selling internationally, 77 per cent have experienced a surge in international sales volume over the past three years.

The primary impetus behind international expansion is the belief that Ireland is strategically positioned to seize opportunities in global markets (41%). However, a significant 31 per cent of those surveyed indicated that their survival hinges on international expansion.

Not surprisingly, 34 per cent of SME owners prioritise delivering an improved customer experience as a crucial factor for business expansion—second only to providing high-quality products or services, which garnered 38 per cent. Rounding out the top five priorities were adopting emerging technologies, utilising online marketplaces, and ensuring affordability of products or services, each at 32 per cent.

Concerns and challenges

While there is a general feeling of optimism, almost a quarter of SME owners (23%) cited poor purchasing processes for customers as a top barrier to future business growth. Meanwhile, more than a fifth (22%) identified that they lack the skills or resources to fully leverage online platforms.

 As well as internal factors, external trends most impacting SMEs in Ireland that sell online are:

  • A rising demand for more payment methods (such as buy now pay later and digital wallets like PayPal) – 40%
  • More people wanting discounts, promotions and deals – 38%
  • Customers wanting more convenience (such as click and collect, and package tracking) – 37%
  • Three in 10 (30%) are concerned with the trend that fewer people are converting at checkout – more browsers than buyers.

SMEs prioritise tech investments for future growth, eyeing AI, VR experiences

Looking forward, the vast majority (92%) of SME owners prioritise technology investment for their business’s future growth. Nearly a quarter (23%) desire to allocate resources to Artificial Intelligence or Machine Learning, while 21 per cent plan to invest in Virtual Reality experiences.

Regarding specific areas earmarked for investment within the next year to bolster expansion, 38 per cent plan to prioritise enhancing their online presence. Following closely are investments in marketing (33%), additional shipping/delivery capabilities (32%), team expansion (32%), and social commerce (31%).

Moreover, 27 per cent intend to invest in ecommerce capabilities, with secure payment methods and international sales processes on the agenda for 26 per cent of SME owners surveyed.

Jonas Breding, General Manager, PayPal Northern Europe shared, “For over twenty years, we’ve been a trusted partner for Irish entrepreneurs and ecommerce businesses. We recently launched PayPal Complete Payments, our most advanced offering in the market. Our comprehensive solution fosters growth, provides advanced fraud protection, and streamlines cross-border trade, empowering entrepreneurs to thrive.”

For more information, visit https://www.paypal.com, https://about.pypl.com/ and https://investor.pypl.com/.

Millions of Britons fall victim to fake websites here is how to avoid it and be aware

Over five million Britons have been scammed on a fake website in the last year and over half of those (2.7 million) have lost money from it according to a new study by F-Secure. With an average loss of £50 this totals up to £130m being stolen from Britons’ pockets, and the UK economy.

It’s no secret that cyber criminals employ sophisticated tactics to orchestrate shopping scams, and the creation of fake websites that mimic well-known, established brands is just one of those ways.

In a recent study by F-Secure, research uncovered what Britons are buying when they are hit by fake websites and it’s impacting a spectrum of industries. The most common products are:

  1. Technology
  2. Clothing
  3. Home furnishings
  4. Cosmetics
  5. Footwear

In a bigger twist, further research by F-Secure found that six in 10 consumers have avoided shopping with small and independent businesses: expressing a preference for shopping with better-known and established brands. However, more than half of the identified fake websites were impersonating three leading global mass-market brands.

Here, F-Secure’s Tom Gaffney, talks more about the issue of brand impersonation and what consumers should look out for.

The presumption that bigger brands are safer is where the danger lies because they are more prone to impersonation. They are easier to impersonate and often big brands that offer high demand items (the latest Nike shoe, Apple device for example), can be more lucrative for cybercriminals.

Fraudsters are clever – leveraging brand assets such as imagery, logos, and colours – fraudsters lure consumers in with an illusion of authenticity. They also use nefarious domains, employing slight misspellings that go unnoticed, or using subtle unconventional domains like ‘.shop’ or ‘.xyz’. This all poses a challenge in discerning their legitimacy.

The primary goal of brand impersonation is to deceive consumers into providing sensitive personal information, such as credit card details, or to lure them into purchasing counterfeit or compromised goods and taking their money. Alternatively, scammers may simply aim to defraud customers by accepting payments without delivering the promised products or services.

It’s important that consumers stay vigilant to ensure the best protection for themselves and their wallets against online scamming tactics. Here are nine top tips to staying safe when shopping online:

Check if a website is safe to use: 

Use a trusted tool like F-Secure Online Shopping Checker to check if a website is safe to buy from.

Monitor your bank accounts and credit cards

Regularly check your bank and credit card statements for any unauthorised transactions and report any suspicious activity to your financial institution immediately.

Use unique and strong passwords

If user details are stolen from a legitimate retailer via a data breach, shoppers could be at risk. So it’s important to use a strong, unique password when creating your online accounts.

Enable two-factor authentication (2FA)

Always enable two-factor authentication (2FA) where available. Two-factor authentication works by adding extra security to online accounts (beyond your username and password).

Be vigilant about email scams

If you receive a suspicious email claiming to be from a big brand urging you to click a link, don’t do it. If you think it’s genuine, go directly to the official website by typing the URL into your browser.

Use a credit card or PayPal

Many credit card providers offer insurance against fraud. PayPal also offers some support for safe online shopping. Avoid wire transfers or other untraceable payment methods.

Beware of big bargains

Nowadays, comparison engines have essentially removed the need for retailers to provide large discounts. So, it’s important to be wary of huge offers that seem too good to be true.

Be vigilant even with brands you know and trust

Given that scammers often impersonate bigger brands, make sure to remain vigilant even when shopping with the brands you know.

Use a reliable internet security app

The best way to stay safe online is by using a trusted internet security product. With F-Secure Total, your passwords are monitored, you’ll be alerted of breaches if they occur, and your access to potentially harmful shopping sites will be automatically blocked.

PayPal launches its most advanced solution for small and medium-sized enterprises in Ireland

PayPal today announced the launch of PayPal Complete Payments for small and medium enterprises in Ireland. The solution – which has been rolled out across the UK, Canada and more than 20 European markets – enables enterprises in Ireland to accept a range of payments including PayPal, Apple Pay, Google Pay, credit and debit cards, and alternative payment methods from around the world.

Forrester and PayPal research found that 63 per cent of online shoppers would not purchase from a brand if it had a poor checkout experience – with 43 per cent of customers likely to buy if the checkout offers their preferred payment type.

Businesses across Ireland face a variety of challenges every day, from finding new customers and managing cashflow to driving sales. Expanding the choice of payment methods for shoppers can help turn potential customers into actual customers and help increase sales. A Censuswide survey of enterprises revealed that diverse payment options that cater to customer preferences (27%), fast and reliable processing to minimise transaction delays (26%) and dispute resolution services (25%)—are crucial factors that enable business growth.

“We’re bringing our latest innovation to Ireland with PayPal Complete Payments, that enables small and medium-sized enterprises to offer their customers the same level of service and user experience as large enterprises,” said Jonas Breding, General Manager, Northern Europe, PayPal. “With PayPal Complete Payments businesses are seeing on average 4.2 per cent lift in credit and debit card acceptance for neighbouring markets like the UK. This demonstrates we are delivering greater value for our customers by boosting customer conversions and helping drive revenue.”   

PayPal has integrations with several ecommerce platforms – including BigCommerce and WooCommerce – which make it easier for their customers to quickly take advantage of this new solution.

This new solution enables eligible enterprises to allow their customers to securely store their payment methods in the PayPal vault for future purchases. This provides a seamless shopping experience for consumers, and helps Irish enterprises drive conversions and repeat buyers.

Businesses can sync order and tracking information with a new feature–Package Tracking. For businesses, sharing tracking data with PayPal can mean fewer customer disputes, and a streamlined resolution process that eliminates manual responses, which can reduce costs. Transactions with tracking details often see 80 per cent lower “item not received” dispute claims.

To help keep small businesses secure in an environment where fraud is on the rise, PayPal Complete Payments will continue to offer Fraud Protection, Chargeback Protection and Seller Protection on eligible transactions.

This solution is available at competitive rates for accepting credit cards and other payment methods online. Small businesses can now choose between flat-rate pricing and flexible pricing, which helps them get paid the full amount up-front and gives them a transparent view into processing costs.

PayPal study shows a quarter (25%) of gamers in Ireland earned money through gaming in 2023

Ireland has emerged as a strong contender in the global gaming industry, drawing the attention of enthusiasts and game developers. To dig deeper, PayPal commissioned a study conducted by Censuswide in November 2023 that polled 1,000 consumers who play online games to unveil latest behaviour and trends. PayPal’s gaming insights revealed that a quarter (25%) of gamers surveyed in Ireland started or continued earning money via gaming in 2023, with a further 22 per cent of those who will spend more money on games in 2024 considering it as an additional way to generate income.

Turning play into pay

The most popular ways of making money through gaming for respondents who started/ continued to earn money via gaming in the past 12 months were revealed as taking surveys (38%), ads (26%), and time playing or Mistplay (24%).

Going forward, some 31 per cent of gamers plan to increase their spend on games over the next 12 months – with the expected average spend expected to be €451 for respondents who spend money on online games. Using gaming to generate additional income through streaming was a driving factor for increased budgets among 22 per cent of respondents.

 Gaming can form connections

As an industry, gaming has witnessed remarkable growth in recent years, and has become a leading form of entertainment in Ireland especially those in the age group of 25-34 years of age. Entertainment was the top motivation cited by 53 per cent of respondents followed by stress relief (47%) and escaping reality (37%).

A significant proportion of respondents who will spend more on games in 2024 revealed that gaming is their favourite hobby (37%) and a way for them to make friends (28%) and are some of the reasons why they plan to spend more on gaming in 2024. Over half (56%) of gamers in Ireland say playing games brings them closer to other people.

PayPal infographic

Gaming can also be beneficial for mental wellbeing with 34 per cent of those who will spend more on games in 2024 identifying it as their source of motivation. Twenty-one per cent turned to gaming to alleviate loneliness, while 25 per cent use games to socialise and connect with others. More than a quarter of gamers who will spend more on games in 2024 (28%) have fostered online friendships through gaming, and 27 per cent view it as a means to connect with friends and family.

Speaking about the findings, Jonas Breding, General Manager for PayPal Northern Europe, commented: “Our research highlights that there is a dynamic gaming community in Ireland, where gaming means more than just entertainment. For some, it serves as a tool for relieving stress and making connections. For others, they are transforming their passion for gaming into an income stream. We understand that safety is always a concern and provide gamers a more secure way to pay with PayPal for games and accessories.”

 Cost and safety concerns

The research found that certain factors would stop respondents gaming or spending money on it. More than two thirds (69%) identified high living costs and inflation as a potential deterrent, while concerns about fraud (34%) and the unavailability of payment options (29%) were also noted as being game-changers in this regard. PayPal was the most popular payment method used by 35 per cent of   gamers surveyed in Ireland who spend money on online games.

Safety is a priority for 64 per cent when buying or playing games. Furthermore, 67 per cent per cent are giving more consideration to safety when it comes to choosing a gaming platform and a similar proportion (69%) said safety increases their loyalty towards a game.

This is understandable given that 30 per cent of gamers have encountered safety concerns while gaming during the past year and more than a third (36%) have previously felt unsafe when completing a game purchase.

The most prominent safety concerns respondents have encountered while gaming in the last 12 months were revealed as abuse on gaming platforms (31%), loss of money or gaming funds (29%), bullying (28%), hacked gaming accounts (26%), and falling victim to fraud (22%).

Nearly 7 in 10 (69%) of respondents say that their loyalty towards a game increases when they experience safety. This is also the case for selecting a gaming platform.

PayPal study reveals that 71 per cent of people in Ireland establish a budget for the holiday season

New research from PayPal unwraps consumer expectations and beliefs relating to Christmas shopping and spending during the festive season.

PayPal’s 2023 Festive Spending Snapshot – conducted by Censuswide and polling more than 1,000 consumers who celebrate the holiday season across Ireland revealed that 71 per cent of people actively establish a budget for the holiday season. However, despite their best intentions, 74 per cent of these budget-setters often overspend during the holiday season.

Budgeting plans for the holidays

Perhaps unsurprisingly, more than half (57%) of people get stressed when it comes to planning their Christmas budgets and 37 per cent would like better control over their holiday expenses.

Popular tips and trends among Christmas shoppers across Ireland included:

  • Ringing the bells for budgets – Out of the shoppers who actively establish a budget for the holiday season, 36 per cent allocate budgets per person that they need to buy for. Just under a third (32%) say that having a budget makes them less stressed/more relaxed and some 26 per cent set one to prevent them from dipping into their savings.
  • Jingling rather than mingling – A quarter (25%) of people in Ireland are forgoing their work Christmas parties to make their budgets stretch further this Christmas. Furthermore, attending New Year’s Eve parties are off the list of 24 per cent of consumers to reduce costs.
  • Sleighing with saving – Thirty-two per cent of consumers plan to pay for goods using loyalty points or rewards, while 28 per cent will compare prices using apps to cut back on spending this year. Moreover, 21 per cent will use a digital wallet (like PayPal) to track online purchases and 18 per cent will shop online this year.

Festive shopping habits

When it comes to online shopping, respondents cited main benefits which included saving time (48%), helps them to avoid crowds (44%), better offers (36%), more competitive prices (33%), greater variety (31%) and it enables them to complete their shopping earlier (27%).

On timing, 57 per cent of consumers expect to have their Christmas shopping finished by the 12th of December. On the other hand, the county with the highest proportion of last-minute shoppers – those that wait until after 20th December – is Monaghan (50%). This was followed by Offaly (29%), Kerry (28%) and Carlow (27%).

Looking beyond Christmas, 60 per cent of survey respondents usually shop in the January sales, with just over a third (34%) picking up presents for the following year. The expected average spend in the coming January sales is €248.

Are Irish people rationalising spending?

The study revealed people’s concerns when buying Christmas presents. These included delivery/arrival times (62%), overspending (61%) being scammed (57%), shopping on unfamiliar websites (49%) and filling in financial details when making purchases (46%).

However, despite the concern around excessive expense when Christmas shopping, more than three quarters (77%) of people have justified spending over their budget. About a quarter (28%) agree that ‘buying one and getting one free’ means they can treat themselves to the free item.

Meanwhile, 27 per cent typically spend enough to get free delivery so that they don’t lose money and 23 per cent believe that getting something for half price means they can make their budget go further.

The leading reasons for rationalising spending during this time of year were found to be that it is a means of relaxation (27%), gift-giving fosters emotional connections (25%) and it makes people feel less guilty (23%).

As for what’s driving this spending over their budget among consumers, more than a third (36%) cited much higher prices this year.

Speaking about the findings, Maeve Dorman, Senior Vice President, PayPal, commented: “It’s clear that people in Ireland are conscious of the cost associated with Christmas, with many justifying the expense and others overspending. But this is where “festive maths” comes in. It means planning and sticking to a budget, while being smart with spending. From tracking transactions and using Honey for discounts or using PayPal at Checkout, festive maths enables people to take better control of their finances and enjoy the holiday season.”

Refer to the PayPal website for more information on easy budgeting solutions for the festive season.

PayPal survey reveals the second-hand economy is booming with 47% of people selling their preloved goods and average earning approximately €598

As the cost-of-living continues to climb, the second-hand economy is experiencing a surge. PayPal’s Resale Renaissance report*, conducted by Censuswide and involving more than 1,000 consumers across Ireland, revealed the reselling movement has gone mainstream.

An interesting trend, the report found that people are selling their unwanted or unused items to supplement their income. In fact, almost one in eight (12%) of those who buy preowned items do so in order to upcycle and sell on. This trend was found to be most prevalent among Gen Z (18%) and most prominent among respondents from Mayo (24%), Kerry (23%) and Clare (20%). It also seems that this could generate quite the profit with the average consumer in Ireland estimating they have approximately €222 worth of unwanted items gathering dust around the home.

Some 47 per cent of people across the country resell their preloved goods, with money earned from reselling unwanted items over past 12 months estimated, on average, to be approximately €598 – potentially providing people with an extra €50 per month. Gen Z led the way with earnings from reselling items over the last year, coming in at €844.

One person’s trash is another’s treasure

Delving deeper into the preowned trends, of those who have bought such items before, the average spend over the past year was found to be €101. Clothes (46%), books (23%) and furniture (22%) top thrift shopping lists – turning one person’s trash into their own treasure.

In terms of what is driving Irish second-hand shoppers, saving money is the leading reason for more than half (59%), followed by the drive to find a real bargain (41%). For others, it’s a conscious choice with a third (33%) choosing second-hand to be more sustainable and a similar proportion (31%) doing so to reduce waste.

More than three quarters of Irish people (78%) purchase preloved items and the average consumer makes such purchases 20 times a year. Gen Z are most active in this area (average of 26 times a year), followed by Millennials (21 times a year). Buying preowned items was most common among respondents from Longford (66 times a year), Roscommon (61 times a year) and Donegal (46 times a year).

The study noted that, on average, consumers estimated they have €401 of disposable income each month. People in Ireland are finding ways and adapting their behaviours to make their disposable income go that bit further. In this regard, some 61 per cent of consumers look for discounts and deals, while more than half (54%) have switched to cheaper brands and 52 per cent  are using store loyalty points/coupons more often.

Thrifty consumers are exercising caution

The PayPal study found that the preferred channels for purchasing preowned items were charity/thrift shops (51%), online and mobile marketplaces (35%), and social media (32%). However, while demand for preloved treasures is high, the second-hand economy isn’t without its concerns, with more than four in five (84%) people worrying about dishonest sellers and the quality of preowned items.

As a result, people are mindful when it comes to the checkout process and it turns out that the biggest factor that instills trust in preowned purchasers is having safe, recognised payment methods like PayPal (55%). Other important trust factors were found to be comments/reviews about the seller (54%) and more images and visuals of items (43%).

Maeve Dorman, Senior Vice President, PayPal Ireland shared: “With prices soaring, it’s no surprise we’re seeing a boom in the second-hand economy. Whether it’s shopping or selling on online marketplaces or resale mobile apps, or using the Goods and Services person-to-person payments on our mobile app at car boot sales, you can enjoy peace of mind knowing PayPal works hard to keep your financial information safe. Both buyers and sellers want – and should have – security, flexibility and confidence when it comes to managing transactions, making payments and taking control of their own budgets.”

PayPal donates to four Irish charities as part of its Community Impact Grants programme

PayPal announces that it has donated €18,600* (20,000 USD) to four Irish charities as part of its Community Impact Grants programme. PayPal employees at the Dublin office nominated An Taisce, Down Syndrome Ireland, Focus Ireland, and Junior Achievement to receive the funds this year.

Through PayPal’s Community Impact Grants programme, employees vote to select local charities that align with PayPal’s mission of creating economic opportunity and improving financial health for all. Employees will also contribute their time, skills and resources throughout the year and next to support these non-profit organisations which are addressing the specific needs of local communities.

Maeve Dorman, Senior Vice President of Global Merchant Services, PayPal, commented: “At PayPal, we are committed to supporting the communities where we live and work – and our focus on community impact and employee volunteerism is one of the ways in which we live our values. The PayPal Community Impact Grants Programme, which awards local nonprofits selected by our employees in Ireland, with financial grants, pro bono support, and access to volunteers among other resources, is a fantastic example of this culture.

“This/last week, we welcomed our four 2023 charity partners – An Taisce, Down Syndrome Ireland, Junior Achievement and Focus Ireland – to our Dublin office. These organisations were chosen by PayPal employees because of the invaluable work that the charities do in our local communities, and it was incredible for myself and my colleagues to hear first-hand about the real impact being made in people’s lives.”

PayPal study: 79% of people in Ireland are making daily cutbacks to prioritise travel

PayPal’s new Travel Check-in report* reveals the latest trends in the world of travel, as 85 per cent of Irish consumers either have or are planning to book a holiday for 2023 and almost a third (29%) are set to go on more than two holidays this year.

The research, carried out by Censuswide and involving more than 1,000 consumers across Ireland, found travel remains a priority for 62 per cent of people. While 64 per cent are looking to make up for lost travel time over the last couple of years, the high cost-of-living isn’t going unnoticed, with eight in ten (83%) being willing to adapt travel plans to be more cost-effective rather than cancel and more than three quarters (79%) looking to save money in their daily lives to prioritise travel/holidays.

Where are people headed for their vacations? Eight out of ten (81%) are planning to leave the Emerald Isles for their holidays. The most popular international destination picked was Spain (including Majorca, Menorca and Ibiza) (30%), followed by the UK (20%), Italy (16%) and France (16%). For those planning to stay closer to home, the top destinations within Ireland were Galway (22%), Cork (20%), Donegal (20%) and Dublin (20%).

Trips involving quality time with loved ones are high on the agenda for 71 per cent, with other popular trip types including enjoying the outdoors (40%), experiencing a different culture (29%) and focusing on health and wellness (20%) – this was important for almost a quarter of millennials (23% vs 20% general population). Gen Z were most open to ‘bleisure trips’ (mixing work and leisure) to enjoy more flexibility during their time off (12% vs 6% general population).

The average estimated spend on holidays for the year (including booking and all in travel costs) came in at approximately €2,320. The biggest spenders were from Clare (approx. €2,834), Cork (approx. €2,579) and Donegal (approx. €2,577).

“At PayPal, we’re seeing a surge in travel bookings and it’s encouraging to see that Irish people are being mindful of their budgets when it comes to being able to better afford that long-awaited trip,” said Maeve Dorman, Senior Vice President, PayPal. “We’re here to help Irish holiday goers make the most of their trip by providing peace of mind and simplicity for a seamless checkout from the moment they book flights, trains and accommodation all the way to after they’ve checked-in and are looking for local experiences and ticking off bucket lists.”

Check-out five tactics Irish holidaymakers are utilising to better afford travel this year:

  • Daily changes for weeks away: More than three quarters (79%) of consumers in Ireland are looking to save money in their daily lives to prioritise travel/holidays this year. The top cutbacks are cooking at home instead of getting a takeaway or eating out (58%), cutting back on nights out (50%), and making their own coffee at home instead of going to a coffee shop (42%).

  • Being savvy for sun, sea and… savings: The money-saving mindset doesn’t stop when it comes to booking with many using money-saving techniques to get the best price, including looking for discounts (53%), travelling on days when costs are cheaper (38%) and signing up for offers (26%).

 

  • Adapting for adventures: Some 83 per cent of people are willing to adapt their travel plans to be more cost-effective rather than cancel completely, be that looking for budget accommodation (29%), having just one main holiday (23%) or going on shorter trips (22%).

 

  • Planning perfection:  Eight in ten (78%) would rather book in advance to guarantee a price than take a risk on getting a better price closer to the time. Those from Leitrim are the most organised, booking nine months before their break, while those from Clare tend to book three months ahead of time.

 

  • Smart budgeting in the sun: Almost three quarters (73%) of consumers plan to adopt a saving approach on holidays, as opposed to splurging. In terms of other budgeting behaviours, over half (52%) will go cashless and 67 per cent of people will book everything in advance, instead of going with the flow. The most cited challenges/concerns for people when managing their budget on holiday, being able to track their spending ranks highest (46%), followed by fears of being scammed (37%) and security of funds (25%).

To learn more about how PayPal can be the perfect travel companion, visit paypal.com/ie.

PayPal study reveals 64 per cent of people happy to contribute to the costs of a friend or family member’s festive party this Christmas

With the countdown to Christmas well and truly on, PayPal’s 2022 Gifting & Giving Study1 reveals how four in five (83%) are worried about items being much more expensive this Christmas and 76 per cent are concerned about keeping track of their spending.

Based on a poll of 1,000 adults across Ireland, this year’s research explores how people in Ireland are managing their budgets in light inflation and runaway energy bills, from savvy spending to splitting the bill for Christmas dinner.

Tis the season to save money

When it comes to gift-buying, a third (29%) of people plan to spend more this year to bring joy to family and friends, while the rest are thinking of cost-effective ways to balance their festive finances.  Eight in ten (80%) will look for coupons and discounts.

Almost a third (32%) will buy a big present as a group and split the cost, rather than buying lots of little presents and over half (54%) want to do Secret Santa/Kris Kindle as it’s less expensive. Furthermore, 68 per cent will only buy gifts when they see something the person will like, and a quarter (25%) will order all their presents online.

Alongside all money-saving measures, more than half (59%) will be setting a strict budget and sticking to it this Christmas. Unsurprisingly, the average spend on Christmas presents is estimated to be lower than last year – €647 compared to €7212. Although this is still higher than lockdown Christmas budgets, where the average spend was estimated at €5413.

The research found that people from Kerry are set to be generous this year when it comes to buying Christmas presents (with an estimated average spend of €1,183), followed by Laois (€908) and Offaly (€878).

Adopting a smart and savvy approach is also seeping into festive celebrations, with the survey revealing that for more than half of people (55%), Christmas celebrations this year are changing to save on costs.

Splitting the cost of celebrations is set to be a popular approach with nearly two-thirds (64%) of people happy to contribute to the costs of a friend or family member’s festive party, and 50 per cent agreeing that the cost of hosting Christmas dinner should be split between family members.

Splitting the bill for Christmas celebrations

Each December, the pressure of Christmas can get to all of us. It doesn’t take much for the financial strain to show and it all culminates in the big split. That’s right – splitting the bill. The poll found that two thirds (67%) of people have felt awkward to ask for money they were owed so decided not to mention it.

Furthermore, some 64 per cent of people said they had not been paid back by friends in the past and a third (33%) of those surveyed said they had forgotten to pay a friend back. Taking this one step further, 16 per cent of people admitted to telling someone they had paid them back when they hadn’t. It seems these actions are also causing friction in some instances, with almost a fifth (19%) of those surveyed saying they had fallen out with friends over difficulty when splitting bills or paying people back.

The insights revealed that, on average, people in Ireland pay others back after five days. Gen Z (aged 16-24) were found to be the slowest when paying people back (7.3 days), while Boomers (aged 45-54) were the fastest group for paying people back, taking 1.86 days on average. In terms of a county breakdown, the slowest people to organise payback were from Meath (12.65 days), Sligo (11.21 days) and Limerick (10.57 days).

So how can you ensure a successful bill split? More than three quarters of respondents (79%) agreed that digital payment apps make splitting bills easier, with the most used/popular method for paying people back found to be digital money transfer apps like PayPal (34%). The main benefits of paying people back digitally rather than in cash were found to be that it saves time as its quick (47%), it’s more convenient (43%), and there’s proof of payment (34%).

Speaking about the findings, Maeve Dorman, Senior Vice President, PayPal: “Christmas is always about spreading joy and happiness, whether it’s hosting celebrations or giving gifts. While this year will be no different, it’s clear that people are finding ways to balance the festivities with their finances.

“Sharing the load by splitting the cost is a great option. Using digital wallets like PayPal make it easy, quick, and secure to politely request and sending payments, while still creating group memories and spreading joy.”

Find out more about splitting costs with PayPal here.