A new poll shows that 49% of parents will go into debt to buy Christmas gifts this holiday season, according to a new survey from CouponBirds.
The poll of 2,500 American adults showed that parents are planning to spend, on average, $461 on Christmas gifts per child this year. The poll indicated that 9% of parents will spend at least $1,000 per child this season, with a mere 4% spending less than $100 per child.
Of those going into debt, 65% say they're going to use credit cards, while 21% plan to use buy now and pay later services.
Some parents are opting for experiences instead of toys. Of those polled, 24% say they're gifting events and experiences rather than toys.
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Meanwhile, a Gallup poll taken last month found that the typical American will spend $1,012 on gifts this Christmas, up from $975 a year ago. Those in households earning over $100,000 will spend an average of $1,578 this year, while those in households earning between $40,000 and $99,999 will spend an average of $830. Those in households earning below $40,000 will spend an average of $514.
The Gallup poll also found that people with children under 18 within the household will spend an average of $1,442 on holiday gifts, while those in households without children will spend an average of $868.
There was also a partisan divide in Christmas gift-giving. Republicans report they plan on spending $1,231 on Christmas gifts, while Democrats report spending $858.
