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), then 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 in-depth study of grandparents’ spending habits2 was commissioned by MBNA to promote its Everyday Plus American Express® Credit Card, which was launched earlier this year to help make life easier for consumers to manage their finances throughout the year.
The survey shows that grandparents plan to spend around £683 in total on Christmas this year – in Scotland that total reaches £797.