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Nearly half of parents are going into debt over Christmas gifts
Nearly half of parents are going into debt over Christmas gifts
Nearly half of parents are going into debt over Christmas gifts

Published on: 12/20/2024

Description

A new poll shows that 49% of parents will go into debt to buy Christmas gifts this holiday season, according to a new survey from CouponBirds.

The poll of 2,500 American adults showed that parents are planning to spend, on average, $461 on Christmas gifts per child this year. The poll indicated that 9% of parents will spend at least $1,000 per child this season, with a mere 4% spending less than $100 per child.

Of those going into debt, 65% say they're going to use credit cards, while 21% plan to use buy now and pay later services.

Some parents are opting for experiences instead of toys. Of those polled, 24% say they're gifting events and experiences rather than toys.

RELATED STORY | Parents of kids who believe in Santa say they're spending more on Christmas

Meanwhile, a Gallup poll taken last month found that the typical American will spend $1,012 on gifts this Christmas, up from $975 a year ago. Those in households earning over $100,000 will spend an average of $1,578 this year, while those in households earning between $40,000 and $99,999 will spend an average of $830. Those in households earning below $40,000 will spend an average of $514.

The Gallup poll also found that people with children under 18 within the household will spend an average of $1,442 on holiday gifts, while those in households without children will spend an average of $868.

There was also a partisan divide in Christmas gift-giving. Republicans report they plan on spending $1,231 on Christmas gifts, while Democrats report spending $858.

News Source : https://www.kbzk.com/life/holidays-and-celebrations/nearly-half-of-parents-are-going-into-debt-over-christmas-gifts

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