Gift giving has always been an important part of the festive season. A new study takes a look at how the gifts we give our kids have changed over the past five decades. It reveals that parents are spending eight times as much to buy kids’ must-have Xmas gifts this year compared to 1970!
Naturally, for many parents who are already cash-strapped because of the coronavirus pandemic, this might create some concern. So here’s a closer look at what all this means.
How have kids’ dream Xmas gifts changed over the years?
In the new study by trade-in company musicMagpie, reveals the top five presents from each year, starting in 1970, together with their cost then and what they would cost now if they were still on sale.
In 1970, the most popular Xmas gifts for kids were:
- Nerf ball
- Sindy doll
- Apollo Moon Rocket
- Risk board game
- Talking Viewmaster
Fast forward to the 1990s and those who were kids in this era will recall:
- WWF action figures
- Super Nintendo Entertainment System
- Action Man
- Spice Girls ‘Girl Power’ dolls
- Rubik’s Cube
In 2020, kids’ Xmas wish lists have changed again and some of the must-have gifts now include:
- PS5 or Xbox Series X 1TB console
- iPhone 12 Pro
- PAW Patrol Dino Rescue Dino Patroller
- Call of Duty: Black Ops Cold War
- LEGO Super Mario Starter Course
Just how expensive are kids Xmas gifts in 2020?
Not surprisingly, parents have to dig deeper into their pockets in 2020 to afford the must-have gifts of the festive season.
Consider the PS5, for example, which is currently retailing at almost £450. In 1970, £450 in cash would have been enough to buy all of the top five Xmas dream gifts for that year 35 times over.
In total, the top 5 Xmas gifts of 1970 cost £12.75. If they were still on the shelves today, after adjusting for inflation, they would cost £191.48.
On the other hand, the total cost of the top five gifts in 2020 is a staggering £1,608.97. That’s eight times more than the top five Xmas gifts in 1970.
Some parents must surely be wishing for simpler times, when kids’ Xmas dream gifts were much less sophisticated and, most importantly, cheaper.
How can you handle kids’ Xmas gifts on a budget?
2020 has been physically, mentally and financially tough on all of us. Many people’s finances have been stretched to the limit because of the pandemic. Many of us are understandably looking to save money this Christmas. In fact, almost two-thirds of Brits have said that they will be cutting back on Christmas spending this year.
If you’re still planning to give gifts to your kids this Christmas, here are a few tips to ensure that you don’t put yourself into a financial hole.
1. Work out what you can afford
It might be the hottest toy of the year and your kid might have been asking for it all year, but can you really afford it? To avoid jeopardising your financial well-being in 2021, make a budget and calculate what gifts you can really afford.
2. Shop around and look out for discounts
Now is the time to keep an eye out for discounts and deals on some of your favourite retailers’ websites. A good deal could mean being able to grab a must-have gift for your kid without breaking the bank.
3. If you must borrow to buy gifts, get a 0% card
Borrowing might not be the best way to pay for Christmas, but with many people being financially stretched this season, a credit card could help to spread the cost of your Christmas spending.
If that’s the case, consider a 0% credit card that will allow you to avoid paying interest on your spending for a number of months.
4. Sell unwanted items on eBay to make some extra cash
Check out our article on how to make money on eBay from forgotten items for useful tips on how you can raise some much-needed extra cash to help pay for Xmas presents.
5. Buy your presents after Christmas
Waiting to buy gifts when the Christmas rush is over and during post-Christmas sales could save you some money. But to do so, you might need to sit down with your kids to explain why they’ll be getting their Xmas gifts a little later this year.