- 56% will buy a gift or reward regardless of results, but 28% will only celebrate if their child does well
- Parents who will buy rewards are planning to spend an average of £309.30 on secondary school age kids and £301.60 on those at sixth-form or college
- Clothing tops list of rewards for younger teenagers, while those aged 16-18 are more likely to receive cash
With a flurry of exam results expected over the next two weeks, more than four in five (84%) parents of 11-18-year-olds are preparing to deliver on promises made to incentivise their children.
According to new research from retail marketing consultancy Gekko Group, more than half (58%) will buy a gift or reward regardless of results. More than a third (36%) will buy a bigger reward if their child receives particularly good results, while an additional 25 per cent will only buy a gift if their child does well in their exams.
Children are in for quite the payday, with parents planning to buy rewards expecting to spend an average of £309.30 on secondary school children and £301.60 on those at sixth-form or college*, with the spend being split between physical items, money or gift cards and experiences.
Parents are most likely to reward their 11-16-year-olds with clothing (39%), spending an average of £124.50 per child, but for older children (16-18-year-olds), physical gifting gives way to cold hard cash with 41 per cent of parents expecting to spend an average of £132.10. Parents will be spending the most on tech, with 25 per cent prepared to spend around £290 per child.
Parents are also keen to celebrate with their children, with more than a quarter (27%) taking them out for a special dinner and a similar proportion (28%), with some spending as much as £166.10.
While two in five (37%) parents agree that there is no need to buy gifts for exam success, 87 per cent believe it is important to celebrate exam results when your children have worked hard. However, close to half (47%) of parents admit there is pressure to compete with other parents on gifts, which is challenging for those feeling squeezed by high costs. Half (46%) agree that they will struggle to afford gifts to celebrate exam success.
Daniel Todaro, CEO at Gekko Group, said: “Children have put a lot of time and effort into their exams, and parents are keen to celebrate their success, but there is a lot of pressure at a time when many families are already struggling. The additional spending could be a boon for retailers after a difficult summer, but ultimately rewards do not have to cost the earth. Parents should spend only what they can afford and don’t get swept up in this new exam gift phenomenon.”