On average, grandparents will spend £100 on each grandchild, according to Sunlife’s survey of 2,000 grandparents aged 50 and over.
And with an average of three grandchildren, it adds up to £300 on presents spent by grandparents on their younger loved ones.
Grandparents with just two grandchildren are set to spend the most, with £117 going towards gifts, while those with three or more will fork out £76 each.
Babies aged under 12 months will have £102 spent on them and 16-17-year-olds will receive £91 on average from their grandparents this year.
Compared to two years ago, the amount grandparents are spending on their grandchildren has dropped by £40 per child. In total, the amount spent in 2024 has almost halved from 2022, when around £4.3bn was spent on grandchildren by grandparents for Christmas.
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In terms of which area of the UK will spend the most, it’s grandparents in Northern Ireland, who will spend £144 on each grandchild.
Based on the average number of grandchildren in each family, it will be £432 in total. However, Welsh nans and grandads will spend the most in total. This is because the nation has, on average, four grandchildren per grandparent, meaning the Christmas presents will come to £460 for Welsh grandparents.
English grandparents spend the least
At the other end of the scale are English grandparents, who will spend £282 in total, at £94 for each grandchild.
Scottish grandparents will spend a little more, spending £98 on average for their youngest close relatives.
While the older generation is set to splash out this year, a quarter of all UK adults will go second-hand for gifts for their youngest relatives this festive period.
Millions of parents are going for pre-loved items, with books the most popular gift to purchase from a charity shop, according to a separate Oxfam study.
Mark Screeton, CEO at SunLife, described the actions of grandparents this year as “incredibly generous.”
