The average expenditure this year will be €1,030, according to a survey of 1,035 people, compared to €1,186 in 2022.
Even though the amount for those with children under 18 will be higher €1,369 it is still lower than €1,590 from the previous year.
The percentage of people who will borrow money for Christmas will increase from 24% to 29% this year.
The primary methods of borrowing will be bank loans, credit union loans, credit card loans, and family loans.
Merely 2% of respondents say they will make purchases of products primarily apparel and electronics using "Buy Now Pay Later" options.
"At this time of year, it's easy to feel pressured into making snap decisions about borrowing, whether it's putting the groceries on your credit card or selecting Buy Now Pay Later at the checkout," stated Grainne Gryphon, Director of Communications for CCPC.
"Don’t ruin your January in search of the perfect Christmas, know the full cost of credit before you buy, and only borrow what you’ll be able to repay."
Over 70% of respondents say they will spend their Christmas money from savings.