Parents aren’t the only ones focused on filling stockings and putting gifts under the tree. Children are also getting into the holiday spirit, with some planning to spend more on gifts this year than in years past.
In fact, the percentage of kids between the ages of 6 and 18 who set savings goals for the holidays grew by 92% over last year, according to new research by gohenry, a youth financial literacy app provider.
For many of the young people who plan to buy gifts this year, giving is even more fulfilling than receiving.
Mom No. 1 on the shopping list
When it comes to saving for holiday shopping, kids aren’t winging it — rather, they know how much they expect to spend. The survey found that, on average, kids plan to spend $166 on holiday gifts. Girls were likelier to have a bigger budget, expecting to spend an average of $172 compared to $157 for boys.
Those who plan to buy gifts this year would likely spend an average of 25% more than last year, the survey found. In addition, 13% of boys and 6% of girls said they would be spending “much more” on holiday gifts compared to last year.
So who are the beneficiaries of kids’ shopping efforts? More than 7 in 10 respondents — 72% — said they’ll buy a gift for their mom, while 64% are planning to buy a gift for their dad. More than half — 53% — will buy gifts for siblings. Friends come next, with 37% of respondents giving presents to their pals, followed by 30% shopping for grandparents and 23% purchasing a gift for a pet.
When it comes to their budget breakdown, survey respondents planned to spend the most on their moms, with $29 budgeted. That was followed by:
- $25 for dads
- $21 for siblings
- $17 for friends
- $17 for grandparents
And while this survey didn’t go into what kids expected to buy, an earlier one found that gift cards are among the most popular gifts this year in light of the COVID-19 crisis.
Still, not all kids are shelling out. More than 1 in 10 respondents — 12% — said they would not be buying gifts this year. Teenagers between the ages of 16 and 18 were the most likely to skip holiday shopping this year, with 16% refraining.
Among all respondents, 27% said they wouldn’t buy gifts for family members and 26% said they wouldn’t purchase a gift for a pet.
Pandemic not discouraging kids’ spending
While many adults have struggled financially during the pandemic — some of whom have even had to put off saving for retirement — a sizable portion of young people surveyed by gohenry are going on with their holiday plans as usual. In fact, nearly half of kids surveyed — 49% — said they plan to spend approximately the same amount this year that they did in 2019.
Young people also feel good about their gifting practices. More than half — 56% — said it feels better to give than it does to receive. Among the oldest kids surveyed — those between the ages of 16 and 18 — 59% said giving gifts is better than getting them.
Girls, in particular, have a generous spirit: The survey found that 59% of girls would rather give gifts than receive them, compared to 53% of boys.
Methodology: gohenry commissioned market research firm Censuswide to survey 2,006 children between the ages of 6 and 18. Among respondents, 33% were between the ages of 6 and 10; 33% were between 11 and 15; and 34% were between 16 and 18.