13/12/2010 11:16 GMT | Updated 22/05/2015 10:12 BST

Parents Will Spend £2.2 Billion On Christmas Presents This Year

A survey has found that indulgent parents could end up spending £2.2 billion on their children's Christmas presents this year, despite the economic downturn.

The poll, 'the Cost of a Child' commissioned by insurance, investment and retirement group LV, found that doting mums and dads were planning to splash out £168 on gifts per offspring, with around half of all parents (53%) saying they will spend the same or more on their children than they did last year.

The survey flies in the face of a previous poll from the Family and Parenting Institute which found that cash strapped families were slashing the cost of Christmas by cutting back not just on gift buying, but also food, drink and socialising costs.

Related articles on Parentdish:

How much do you spend on stocking fillers

20 ways to cut the cost of Christmas for families

So which camp do you fall in?
Are you tightening your festive belt this year, or is it Christmas as usual, economic doom and gloom or not?