When it comes to the magical time of Christmas, kids across the UK are in for a treat with their presents. New research from American Express has found UK adults buying gifts for children will spend on average £140. The youngest members of the family will also be the winners in terms of the number of presents they receive, with people buying on average five gifts for children.
The total average spend on gifts for loved ones this festive season is £295, accounting for nearly a quarter of the overall Christmas budget of £1,206.
Shoppers put a lot of time and effort into finding the perfect presents, spending an average of three hours finding the perfect gift for children and partners. Children and grandchildren however are the most likely of all family members and friends to receive cash gifts, second only to toys.
Women will spend 18% more than men on gifts overall this festive season, a total of £318 compared to £270. However, men splash out more on their partners. Male shoppers will dig deep to an impressive £129 on partners, compared to a savvier figure of £92 for women.
The spirit of generosity is definitely in the air as two in five (40%) Brits agreeing that giving great presents is more important than receiving. The spirit of Christmas is reflected in peoples’ attitudes to gift giving with almost half (46%) agreeing that they are always polite about presents they receive even when they dislike them, although 14% aren’t afraid to return or re-gift a present they don’t like.
Stephen Steinhardt, director at American Express, says: “Gifting is something Christmas shoppers take seriously, spending a lot of time finding just the right present for the special people in our lives. It’s also important to make the money you spend on gifts work hard for you. So whether that means using a credit or charge card that offers rewards or cashback, looking out for special shopping events or checking your wallet for coupons, you can ensure you give presents to remember while being savvy with your spending.”