‘Tis the season for trying to squeeze more out of our already tight budgets, especially when it comes to our kids and Christmas. While we focus on creating magical memories for them and making the most of all the joyful moments, there’s no doubt it’s the most expensive time of the year for families.
New research reveals the financial stress many are dealing with to create holiday season happiness for their kids. Like everything else these days, the cost of Christmas continues to climb, according to CouponBirds’ recently released annual Christmas Spending & Savings Report.
- The poll of 25-hundred American parents highlights how they cope with the extra expenses this time of year.
- It finds that parents expect to spend an average of $521 per child for gifts under the tree this Christmas.
- That’s 13% more than last year and an all-time high amount.
- While some families spend much more, splurging up to $1,000 per kid, others are only spending $250 on each child.
- About a third of parents fall in the middle, expecting to spend between $500 and $750 per child in their household.
- And 3% of parents believe they can create holiday magic with a budget of less than $100.
- The thing is, those parents shelling out $1,000 for their kids’ Christmas may not actually have it to spend, as 54% admit they don’t save for the holidays year-round.
- That’s part of the reason more than half (58%) say they’ll be going into debt to cover Christmas by using credit cards and Buy Now, Pay Later programs.
- So, what will all these kids be unwrapping on Christmas morning? The majority of parents still give mostly physical gifts, but the “experiential gift movement” is becoming more popular. Almost a third (29%) will be giving their kids an experience, like concert tickets, trips and memberships this year.
Source: Parents