New survey reveals size of the festive cash-for-presents market
The Christmas tradition of kids unwrapping that special Yuletide present under the Christmas tree looks to be dying out, a new survey shows.
Children are expecting close to £1bn worth of cash as teens, tweens and even under 12s become more financially independent. The survey shows that a colossal haul of £950m – an average of £82 per under 18-year-old – is expected by the young generation in the UK this festive season.
The survey of 5,000 children by Kids Insights, the largest continuous survey of UK children, asked: ‘How much money (cash) do you expect to get for Christmas?’ and is believed to be the first to capture the size of the growing Christmas cash gift market. The financial figures are reached by cross-referencing the survey results with Office of National Statistics data on the numbers of UK children.
Kids Insights’ CEO Nick Richardson says: “This survey reveals the wave of cash which will start being spent online on Christmas Day morning. It may be that we are losing the traditional Christmas magic, when kids wake up to see whether their special gift is under the Christmas tree. Today’s kids don’t just know what they want, but they know where to get it from. Teens, tweens and even under 12s are increasingly able to buy the tech toys and games they want, using their own debit cards online.
“Companies who focus their marketing just on the pre-Christmas period are missing out on this near-£1bn cash bonanza. Brands and retailers should consider the best ways to get this generation of kids to spend their cash with them. This data shows that in a fragmented media world, it is more important than ever for brands and retailers to understand their audience. Our independent data, combined with the analysis our team of experts researchers undertake helps uncover new trends and provide powerful insights.”
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