Must-have toys make for the most expensive Christmas ever
Parents shopping for must-have toys for their kids face the most expensive Christmas ever - with an average price of £60 per gift.
The cost of this year’s 12 top Xmas toys, as recommended by the Toy Retailers’ Association - is the highest it has ever been.
According to research by money-saving website Voucherbox.co.uk the cost of the top 12 toys has increased 28% since last year.
The average price per toy has risen from £46.32 to £59.32.
And this year’s Toy Retailers’ Association ‘Dream Toys List’ also features its most expensive item ever.
Star Wars: The Force Awakens Millennium Falcon from Hasbro has a recommended retail price of £119.99.
The research also shows that there has been a 56% increase from 10 years ago when the average price of Christmas Dream Toys was just £37.91.
The second most expensive year in the last 10 years was 2012 with an average cost of £50 per toy in the top 12 recommendations.
The average cost of Britain’s most popular toys this Christmas is almost triple what most Brits are planning to splash out, according to a survey of 2000 people carried out by Voucherbox.co.uk.
Consumers intend to spend on average £21 per toy.
Further analysis revealed that the average person will purchase five toys this Christmas and will spend a total of £107.63.
Around 15% of Brits will pay out more than £200 on toys this Christmas, with the North East set to spend the most compared to the rest of the UK, despite it being one of the poorest regions in the country.
A generous 16% of Brits are planning to splurge over £300, with the 35-44 age group planning to spend the most on toys this holiday season, followed by 45-54 year olds.
More than a third of Britons get into debt over the Christmas period by spending more than they can afford.
The sale of toys at Christmas amounts to £1bn, which is 32% of the annual sale of toys in the UK.
The top 12 Dream Toys are released every year by the Toy Retailers’ Association.
The list of dream toys is decided by a panel of retailers, made up of large chains, large and small multiples, as well as independent retailers.
Shane Forster, UK Country Manager for Voucherbox.co.uk commented: “This increase in the cost of recommended toys can put pressure on parents to spend more than they can afford.
“Christmas overspending will have an impact on the whole year and so we encourage consumers to aim to strike a good balance between keeping your children happy and maintaining a healthy bank balance.”
Region average spend on toys
South East £101.30
East Anglia £87.65
East Midlands £112.26
North East £133.91
North West £128.48
Northern Ireland £ 126.80
South West £85.52
West Midlands £104.22