The latest research from LV shows that parents will spend an average of £178 on children this Christmas which will total over £2.4 billion nationwide.
With Christmas just around the corner, new research reveals parents will spend a whopping £2.47 billion on Christmas presents for their children, according to the Cost of a Child study from protection specialist LV=.
While children up and down the country are writing their Christmas lists, the study shows parents will spend an average of £157 on gifts for their kids, with an extra £21 on stocking-fillers – adding up to £178 per child. This is an increase on the average total spend last year of £168 per child.
Tis the season to spend money….
The amount mums and dads spend on Christmas presents peaks between the ages of 7 – 11, when the average spend on gifts per child is £220.
The average spend per child by age group:
Age group Christmas presents Stocking fillers Total
Average all ages £157 £21 £178 per child
Age 0 – 3 years £116 £17 £133 per child
Age 4 – 6 years £176 £24 £200 per child
Age 7 – 11 years £196 £24 £220 per child
Age 12 – 17 years £193 £24 £217 per child
A pinch from the Grinch….
The Cost of a Child study reveals almost a third (31%) of parents are feeling under more financial pressure to buy their children what they want for Christmas than in previous years.
With kids’ presents taking a large chunk out of their Christmas budget, over a quarter of parents (29%) admit they will have to cut back on how much they spend on other family members this Christmas to help balance their budget.
Mark Jones, LV= Head of Protection, said: “Kids clearly come first despite tough economic times, with many parents intent on spending the same or more on their children this year. With mum and dad forking out £178 on average per child, parents are clearly keen to make Christmas as memorable as possible.
“Many families will be feeling the financial strain of keeping their kids happy this Christmas, so it’s important parents try and look beyond the short term and also ensure they have suitable budgets and longer term financial plans in place. Even a small drop in a family’s income can make it hard to balance the books, especially at this time of year, and people should make sure they have adequate protection in place to look after their finances if the unexpected should happen.”
Posted by Lucy Cook