While the holidays are most often associated with spreading love and cheer, they also tend to be associated with gift giving — and spending money.
In a poll of nearly 500 moms, data shows that many parents plan on spending an average of $173 on gifts per child this holiday season.
The poll, published by “What to Expect,” reveals the age of a child doesn’t have a strong impact on how much parents are forking out for the holidays.
In fact, even babies under 12 months get a comparable amount of presents to kids ages 1 to 4.
“I feel like I spent a ridiculous amount on presents last year,” one survey participant wrote. “I’m wondering whether I should choose an amount and stick to it or just buy whatever like I usually do.”
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While factors like a parents’ salary and how many children are in the home influence how much is spent per child, the “magic number” trends towards an average of $173 per child.
Who tends to spend more? Who tends to spends less?
Moms with multiples
Moms with more than one child spend about 18% less per child than those with only one.
Mothers with a single child tend to spend about $202 per child, according to What to Expect. If there is a sibling at home, the price tag is closer to $170 per child.
Looking at the child’s age only impacts the price tag very slightly — with children ages 1 to 4 receiving about $161 in presents and infants 12 months and younger receiving $168 worth of presents.
For youngsters, some moms point out infants and toddlers may not fully understand gift giving and receiving.
“We can’t afford to buy lots of gifts,” one mom said. “But besides that, it still feels a bit of a waste to heavily focus on gifts because my [1-year-old-son] won’t understand yet.”
The mom adding that sometimes the child is more entertained by the packaging the gift came in rather than the actual toy.
Generational differences
On average, Gen Z moms spend about $179 per child while Millennial moms spend about $170.
Though the cost difference is minor, What to Expect says it is still surprising as younger moms tend to earn less.
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Gen Z moms in the survey reported an average household income of $56,021, compared to the $76,747 Millennial moms reported earning annually.
