According to new research by Sunlife, grandparents are set to spend £2.8 billion just on Christmas gifts for their grandkids this year – almost half a million more than last year and over a billion more than in 2017.

SunLife’s research has found that grandparents are planning on spending £81 on each of their grandchildren this year, and with four grandkids each on average, that’s a total spend of £322.

That is £13 more than they spent on each grandchild last year and almost double the £42 they spent on average on each of their grandchildren in 2017.

It is also more than they spend on anyone else; on average, grandparents spend £227 more on their grandkids’ Christmas presents than they do on their other half, and £31 more on their grandkids presents than they spend on everyone else’s’ gifts combined.

One in six grandparents say they don’t care how much it costs, as long as they get their grandkids the right present. More than half (55%) say they love watching their grandkids open their Christmas presents and for 47%, their grandkids are their favourite thing about Christmas.