How Much Does the Average Family Spend on Each Child for Christmas
How much should I spend on Christmas presents?
At this time of year, it'due south normal to first wondering – how much does the average family spend on Christmas presents? Well, if you're intrigued, then this article is just for you.
Earlier diving too much into the specifics of presents, it may be worth reading a quick summary of how much Christmas costs the average family unit. That way yous can take a better understanding of how much, or how little, your Christmas costs you lot compared to others – and whether you're guilty of spoiling your loved ones?
We know, nosotros know. How many Christmas films and stories take told u.s. that this holiday isn't all about spending money and having presents? Merely do we believe that this season doesn't take to be used to justify frivolous spending, and there's no shame in spending the bare minimum or going without presents. The most important spending is the fourth dimension spent with your loved ones.
How much does the average family spend on Christmas?
In the UK, the average family spends £iii,240 in December – that'due south 29% more whatever other month of the twelvemonth.[1] But what nigh the singletons or those that aren't the 'average' family? Well, information technology turns out that Brits typically spend a full of £one,116 during the festive menstruation – with a whopping £381.60 of that being spent simply on presents.[2]
But celebrating Christmas isn't always virtually presents. In fact, people spend significantly more money on food and alcohol during this time, increasing by 20% and 38% respectively.[1] Compared to the average person'due south spending over the balance of the twelvemonth, these two categories have the biggest individual increases – and of course, alcohol is often bought as a nowadays which could mean that this price straddles the categories of 'presents' and 'booze'.
You may exist interested to know that the United kingdom spent 40% more than on Christmas than other European countries in 2020 – with xvi% of us non being entirely certain of how much money we actually spent.[iii] Needless to say, we love feeling festive and celebrating that feeling with our purses and wallets!
Merely, plenty almost the average Christmas spending – let's look at the people who love this season the nearly... children!
How much do you spend on kids for Christmas?
Let's be honest, if money was no object, you'd admittedly spoil your kids. Simply that's probably not the all-time for your bank balance or for their expectations in the long run.
It's of import to note here that everyone is different, and that in that location'due south no right or wrong amount to spend on your child at Christmas. Some families may spend thousands on presents for their little ones, while others may buy 2d-paw toys to keep their budgets downward. Whatever your fiscal situation, endeavor to souvenir within your means every bit stretching yourself to purchase more gifts for others won't benefit you in the long run.
Possibly unsurprisingly, kids typically have the most amount of money spent on them, and this twelvemonth parents could be paying as much as £1,000 to get them everything that their little heart's want![four]
That's a lot of money, and information technology's largely downward to the price of new technology. The nigh wished-for present in 2021 is the PlayStation 5 – which has had serious supply concatenation problems, meaning that it has been about constantly out of stock. As a result, many people are paying well over the RRP of £450 to become their hands on them.
In addition to this, almost half of children are also asking for a tablet (with the Apple iPad) – nigh of which cost around £200[4] – and a third of children have asked for a new smartphone (with thirteen% wanting the iPhone 12 which starts at well-nigh £800).
Well-nigh parents won't spend this much
While many children may want presents worth £1,000, the national boilerplate spend for 2020 was effectually £420.[5] However, this changes geographically, with those in the Southwest spending less and Liverpool existence the biggest spenders with an average of £545.[5]
That said, the average UK family unit just approaching £350 for Christmas last year.[half-dozen] This meant that over 65% of u.s.a. went over budget – some by more than than £250! This has, quite understandably, made people more nervous about their spending in 2021 and many are now worried that they may not be able to afford the Christmas they want this yr.
What'due south worse is that 63% of parents feel pressured to get their children the latest tech[4] due to frequent pestering from their kids and just wanting their children to have the same things every bit their friends.
Sticking to your Christmas upkeep
Unremarkably, at Christmas, the only thing yous want to exist sticky is your sticky toffee pudding - but keeping to your budget tin can feel almost as adept. So, what are some things that you lot could practice to ready a realistic budget and attempt to make sure you stick to it? Hither are some ideas:
- Plan alee – you know Christmas is coming; it happens on the 25th of December every year without fail. So, why non prepare for it? Outset saving bits here and there, buy presents throughout the year, and try and get alee of the December rush.
- Look for deals – if you're ownership presents throughout the twelvemonth and then you can keep your eyes peeled for deals, whether that's discounted prices, buy one go one free offers, or even free shipping! Being smart with your purchases could get you the same things for less.
- Rails your money – overspending is a lot easier to do when you don't know how much yous've already spent. Keeping tabs on your money can help you realise when you're coming close to your budget and enable you to make plans.
- Cash, not gifts – gifts are bang-up, but you could spend less money and bargain with less stress just by giving money as a nowadays. For example, if yous give your kid £150 instead of spending £200 on a nowadays then they still go a 'big' gift and you've saved £50. What'southward more, if your child is young, y'all could cull to invest in your child'due south ISA instead – that way, this coin could be worth even more by the fourth dimension they're xviii! Please remember that with investing your uppercase is at risk, as the value of investments can get down as well as up.
Looking at alternative gifts
1 of the biggest issues with presents is the ataxia they can create – it tin can feel like the whole menstruation between Battle 24-hour interval and New Yr's Eve is spent trying to find a place for all the new stuff y'all and your little ones have. We're not always the all-time gift-givers either, with 15% of people receiving presents they don't like, 10% of united states of america returning gifts, and another 10% not even being able to call up what presents nosotros received![3]
If you want to break this tendency and are looking for ways to relieve money and reduce the amount of waste product or backlog you have, then information technology may be worth looking at culling gifts. Here are a few suggestions:
- Days out/ experiences – whether it's a trip to the zoo, a theme park, or a day driving fast cars, experiences are a great manner to requite a memorable gift without adding to the ataxia in your home.
- Paying coin into their savings – if your child has a Junior ISA, then you lot could put money away for them in their savings instead of buying more Christmas presents. Less mess, and it could be worth quite a flake more by the fourth dimension they reach xviii – plus they could utilise this money to help them purchase something they really want, like a new machine or their first home.
- Cinema Subscriptions – is your petty one a movie buff? Getting a movie theatre subscription not only reduces the number of presents you'll have to put away, only it could even salvage you money throughout the year!
- Virtual gifts – not everything has to be physical. There are enough of great virtual gifts that you lot could give ranging from donations to charities and memberships to their favourite action, or even sponsoring their favourite animal.
If you're looking to give a gift that keeps on giving, then Wealthify's JISA could be exactly what you're looking for. With our unproblematic to use dashboard, your child will exist able to understand their performance. Why non share it with them so they can rail their investment performance over time, existence able to easily see how much they might have waiting for them when they plow 18. That's a present with a lot of exciting potential that won't add any more clutter to your business firm or plastic waste to the tip. What's more, you could fifty-fifty choose ethical investments for your children and assistance build towards a greener future for them!
- https://www.bankofengland.co.uk/knowledgebank/how-much-do-we-spend-at-christmas
- https://yougov.co.uk/topics/lifestyle/articles-reports/2019/12/16/average-brit-spends-1116-christmas
- https://capitalcounselor.com/christmas-spending-statistics/
- https://www.independent.co.uk/life-style/gadgets-and-tech/ps5-christmas-presents-tech-spending-b1765627.html
- https://fundraising.co.uk/2020/11/26/boilerplate-household-christmas-spend-set-to-drop-but-some-areas-of-uk-plan-an-increase/
- https://www.moneyadviceservice.org.u.k./blog/nosotros-need-to-talk-virtually-christmas
Please remember the value of your investments tin can become downwardly as well as upward, and you could get back less than invested. If y'all're unsure virtually investing, please seek financial communication.
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Source: https://www.wealthify.com/blog/how-much-should-i-spend-on-christmas-presents
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