The average child owns £1,720 of toys and technology, new research has revealed.
According to a study by Lloyds TSB Insurance, this equates to a total of £25.4 billion worth of items being hoarded in children’s bedrooms across the UK.
It also found that one in ten lucky children own over £3,000 worth of products.
With 90 per cent of parents intending to spend up to £500 on presents for their children this Christmas, this figure is only set to increase, claims the firm.
“Behind closed doors kids’ bedrooms are turning into Aladdin’s Caves of toys and technology,” said managing director of the company Phil Loney.
The research also revealed that nearly six in ten parents did not know whether their home content insurance would cover the presents they intend to buy this Christmas and one-quarter have never calculated the value of their total home contents.
According to Apacs, the UK payments service, shoppers are set to spend a total of £53 billion over the festive period.
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