Parents’ wallets due to take a festive battering
Parents in Wales are expecting to spend an average of £127.89 on their children’s main present this Christmas, with Hatchimals Surprise being the most popular gift.
New research from Barclays shows that 2017 is set to be an expensive Christmas for present-buying.
According to Barclays, the total amount UK parents will spend on Christmas presents this year is a projected £141.7m across the nation.
The survey of 1,000 British parents showed that Scottish parents will be spending the most on average on their children’s main gift (£161.67), with those in the East Midlands taking a less extravagant approach and spending the least at £91.16 per child.
Proving that minors are becoming increasingly tech-obsessed, parents in eight out of the 12 regions claimed they’d be buying a tablet, console or video game for their young kids.
Consistent across the nation, however, was the view that Christmas is a significant financial burden, with one in three parents admitting to dipping into their savings and overdrafts to buy presents for their kids.
The research showed this might partly be driven by poor financial planning, with a third (29%) admitting to leaving their Christmas shopping to the last minute, and a further fifth (20%) claiming not to save money at all.
Due to the pressure of providing their children with “must-have” gifts, the average British parent admitted they’d be prepared to spend at least 30% more on reseller sites for soldout gifts their children had asked for, with one in 10 claiming they’d spend up to 80% more on RRP.
Clare Francis, savings and investments director at Barclays, said: “Parents understandably want to make [Christmas] as memorable as possible. However, spending more than you can afford can lead to serious problems down the line. Too many of us are being moved into action by social pressures to spend huge sums of money on Christmas presents. If that sounds like you, take this Christmas as a learning experience and decide to do it differently next year.
“Set a budget in January to help you start contributing monthly instalments to a set pot of money and stick to your limit.”
‘TIS THE SEASON TO SPEND
MOST PRESSURED Parents in the South-West of England feel the most pressured to buy expensive children’s gifts at Christmas, with almost a fifth (18%) claiming this. Parents in East Anglia are most fearful of disappointing their children, with a fifth (22%) worried their children will not want the presents they buy them. MOST FINANCIALLY IMPACTED Parents in the South-West felt most strongly that buying Christmas presents for their children was a significant financial burden. The survey showed a quarter (26%) have dipped into their savings to finance presents – more than any other region. However, Northern Ireland parents are most likely to borrow money during the festive season to fund Christmas presents, with one in five (19%) claiming this. MOST PREPARED Parents in East Anglia are least prepared, with two-fifths (44%) claiming to do their Christmas shopping late. Parents in the North-East are most prepared, with a significant 85% claiming they do their Christmas shopping very early to avoid high costs and stress. MOST CUNNING The people of East Anglia are the guiltiest of using the promise of good Christmas presents as a method of getting their kids to behave – with over a quarter (27%) admitting to this. MOST GENEROUS Scottish parents are the most generous at Christmas when it comes to their kids, with the average Scot paying £161.67 per child for their main present. LEAST EXTRAVAGANT Although still a high amount, those in the East Midlands were found to be the least carried away when it comes to present-buying for children, spending an average of £91.16 for their children’s main gift compared to the national average of £128.80.