How much should you spend on gifts this year? Should you put everyone on credit cards and worry about it later? As prices increase, so does the amount families spend on gifts. A recent survey from NerdWallet showed nearly 85 percent of people planned to purchase gifts for friends and loved ones during the holiday season. The website estimates the average spend per family is $831 for 2023.
How Many Presents Should You Buy For A Child?
Over-gifting is common during the holidays, but an article from Parents.com says you should try to be realistic about what your child needs and will enjoy. “When it comes to gift-giving, moderation is key.” ”Quality is always better than quantity. (Said no kid ever) Your child doesn’t need 20 presents to be happy; a couple of thoughtful, well-chosen gifts will do just fine.”
Average Spend Per Child For Gifts
The temptation is likely to overspend when it comes to young children who get wrapped up in the holidays. Not to mention, you probably remember the excitement of unwrapping gifts as a child. Field Agent reports the amount parents spend on their kids can vary wildly depending on family traditions. The website estimates adults spend an average of $200 per child for Christmas gifts.
How Much Should You Spend On Christmas Stocking Gifts?
Gifts for Christmas stockings tend to see the most disparity when it comes to how much to spend. A survey of holiday shoppers by Field Agent showed 51% spend $10-$25 for items to put in children’s stockings. Another 24% said they average $26-$50.
Nearly Everyone Is Using Credit Cards This Year
Shoppers seem to be willing to take on additional credit card debt in 2023. According to a survey from NerdWallet, 74% of holiday shoppers plan to buy gifts using a credit card. The website estimates an average of $680 being charged to cards per family this year.
It Costs More To Decorate For Christmas
Having an over-the-top plan to decorate your home for Christmas might seem fun, but you might want to leave that to Clark Griswold. The cost of holiday decor is rising just like everything else. Bankrate.com says people spend an average of $231 on Christmas decorations. While the cost of Christmas trees has skyrocketed, there are still significantly more homes opting for an artificial tree. The website says 84 percent of families surveyed said they put up at least one artificial tree for Christmas.
Inflation = Not As Many Gifts
While inflation might not be prevalent, we are still feeling the effects in many areas. NerdWallet said its recent survey showed 56% of holiday shoppers plan to not buy as many presents as they’d like this year due to inflation.