manchester christmas
Tuesday, 20th December 2005
Grandparents' £7bn festive bill
BY NICKY BURRIDGE GRANDPARENTS spend nearly £7 billion on Christmas, according to a survey. They spend almost £600 on gifts and entertaining during the festive season, with 6.5m hosting Christmas dinner, according to insurer Norwich Union. Grandchildren are the main beneficiaries with grandparents splashing out an average of £58 on presents for each child, rising to £65 for those with eight grandchildren. Four out of 10 of the 932 people surveyed said they treat their grandchildren all year round, spending an average of £200 per child a year, while 41 per cent admit they spend more on them than on their children. A third said they bought things for their grandchildren even when they could not afford to. Daren Carter, from Norwich Union Personal Finance, said: "They say that Christmas is a time for giving and our grandparents seem to have embraced that sentiment. "However, all this generosity does come at a cost. A third of grandparents confess to buying things for their grandchildren even when they can't afford to do so."
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