parents blow the budget on kids presents
Australian parents will blow their budgets buying presents for their kids this festive season, spending an average of $390 per child, researchers say.
When it comes to buying Christmas presents, Queensland parents are the most generous while South Australians and fathers are likely to spend the least money, according to Bankwest research released on Sunday.
More than two in five parents admitted they are likely to break their budget for their kids' presents and nearly a quarter (24 per cent) expected to spend more money than last year.
Nearly a third of parents (29 per cent) said they were planning on buying a present worth $250 or more.
But parents' generosity tends to go unreturned with 41 per cent saying they are unlikely to receive a present from their children.
Children can can expect an average of five presents this year, the survey of 791 respondents found.
Bankwest Retail Chief Executive Vittoria Shortt said the research was a glimmer of hope for retailers who have complained of a flat shopping season in the run up to Christmas this year.
"Kids' bedrooms these days really are a toy treasure trove, with everything for the latest video games to Ben Ten and Bratz," she said.
"It's no surprise the bills add up and carefully laid budgets go out the window."
Queenslanders topped the Christmas presents spending list, shelling out an average of $443 per child.
NSW parents will spend an average of $405, Vic parents will spend $358 while South Australian parents will spend the least at $312 per child.
Fathers also tend to spend less than mums at Christmas: $375 per child compared to $397.
But kids should enjoy the Christmas generosity for as long as they can, with most parents saying they would stop buying expensive presents once their offspring turned 21
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