Residents of Ireland, another bailed-out economy, plan to outspend the Germans more than two to one this Christmas, with an average €894 budget. In Spain, where unemployment is at 26 percent, consumers expect to spend an average €567. In recession-hobbled Italy, meanwhile, the figure is €477.

The figures, taken from a survey of 17,000 consumers by Deloitte, finds that even the reduced holiday budgets in many weaker economies are still more extravagant than those of Germans.

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