The nation’s 14 million grandparents could spend as much as £3 billion on presents for their grandchildren this Christmas, a new MBNA study reveals.
Grandparents polled across the country say they will spend an average of around £74 on each of their grandchildren this year.
Londoners top the spending poll, averaging more than £111 per grandchild, followed by the North East (average spend of £100), Scotland (£93), the East Midlands (£82) and Wales (£79).
“Our research shows that significant sums will be spent by the country’s generous grandparents this year, much to the delight of many grandchildren no doubt”, said Richard Whatmough, director of Marketing and Digital at MBNA.
More than 14 per cent of grandparents say they plan to spend more in 2015 than they spent in 2014, with only 5 per cent looking to cut back on last year’s spending.
The survey shows that grandparents plan to spend around £683 in total on Christmas this year. Many will opt to pay for presents for family and friends using their monthly income, savings or a combination of both this year, with around 20 per cent planning to spread the cost of Christmas using a credit card.
“If spreading the cost of Christmas is important this Christmas, then we hope people will take the time to consider the range products and services we provide at MBNA,” added Whatmough.
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