- Many parents do not save for Christmas causing financial strain
- Would happily pay a 30% premium to secure sold out toys for their children
- Expert says too many people are ‘under social pressure’ to buy festive gifts
The true cost of Christmas for some has been laid bare by research showing some parents are willing to skip meals and sacrifice holidays in order to buy gifts.
Revealing the pressure that parents feel under at this time of year, one in three admit to dipping into their overdrafts and savings to finance presents, with a fifth admitting it is a huge financial burden.
One in five also do not save any money at all for Christmas gifts, according to the research from Barclays, despite some of the most sought after toys costing hundreds of pounds.
Toy trouble: Research suggests that parents are under social pressure to buy ‘must have’ toys – and will pay a 30% premium to secure them
In the survey of 1,000 parents, on average respondents admitted they’d be happy to spend up to 30 per cent more on sold-out gifts their children wanted through resale websites.
Even more extreme, one in 10 said they would be prepared to spend as much as 80 per cent more than the recommended retail price.
A 30 per cent premium would make the Anki Cozmo Robot £259.99 rather than £199.99 and Hatchimals Surprise £97.49 compared to £74.99.
The cheapest item on the list – the LOL Big Surprise Ball- would be £77.99 instead of the RRP of £59.99, showing that a lack of preparation can mean a far more costly Christmas.
CHRISTMAS TOYS 2017
The most popular 2017 Christmas toys and how much some parents are prepared to spend on them.
Recommended retail price vs 30% premium:
Anki Cozmo Robot £199.99 – £259.99
Lego Boost £149.99 – £194.99
FurReal Roarin’ Tyler £134.99 – £175.49
Little Tikes Princess Cozy Chariot £109.99 – £142.99
Luvabella Doll £99.99 – £129.99
FurReal Proto Max £89.99 – £116.99
Barbie Dreamhorse £89.99 – £116.99
Zoe Enchanted Unicorn £89.99 – £116.99
Micro Scooter Mini Deluxe £79.99 – £103.99
Star Wars Lego BB-8 £84.99 – £110.49
Hatchimals Surprise £74.99 – £97.49
Paw Patrol Sea Patroller £69.99 – £90.99
NERF Modulus Regulator £65.00 – £84.50
Power Rangers Megazord £59.99 – £77.99
LOL Big Surprise Ball £59.99 – £77.99
This year is set to be the most expensive Christmas for present buying on record according to Barclays, with parents expected to fork out an average of £128.80 per child on presents during the festive season.
Although, for many, the total bill is likely to be far higher, with data from eBay suggesting we are likely to spend an incredible £748 each on up to 48 different gifts this year – with toys, clothes, gadgets and perfumes the most popular purchases.
The Barclays research also shows that one in three parents leave Christmas shopping until the very last minute.
Clare Francis, savings and investments director at Barclays, said: ‘Spending more than you can afford at Christmas can lead to serious problems down the line, and it’s something we – as a nation – need to get out of the habit of.
‘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, decide to do it differently next year.
‘Set a budget in January and set up savings goals which can help you start contributing monthly instalments to a set pot of money and stick to your limit.’
Showing just how pressure-laden many find the festive season, two-fifths of respondents admitted to adopting extreme measures to cut back on spending after Christmas.
This includes skipping meals, saying no to school trips and cancelling holidays.
PAY FOR CHRISTMAS: SIX STEPS
It is possible to recoup the full cost of Christmas by kicking off a pre-holiday review of all our other regular expenses.
You may need to wait until some annual insurance policies and contracts expire to make the biggest savings.
But get ready now and experts say most of us can knock at least £1,000 off our bills in 2018.
Read our guide on how to save on your mortgage, car insurance, home cover, life protection, utility bills and phone and TV.
Courtesy: Daily Mail Online