From toys to birthday parties, from swim lessons to private schools, parents are saying “No” more often.
” ‘Parents are cutting back across the board,’ said BMO Capital Markets analyst Gerrick Johnson.”
“In 2008, sales of toys fell 3 percent to $21.6 billion from the previous year. Children’s clothing fell 2.2 percent to $36.8 billion, according to the research firm NPD Group.”
“At RockNfun Music in Falls Church, Va., the number of people, mostly children, taking guitar, piano and other lessons has fallen 5 to 10 percent in the past four months, co-owner Kevin Glass said.”
“Paul Feciura, owner of Youth Sports, Virginia Training Center Inc. in Woodbridge, Va., said business has dropped 15 to 20 percent since last summer – even though the Beijing Olympics should have provided a boost. The company is trying to accommodate some hard-hit parents by reducing rates.”
And even the Tooth Fairy is responding to the recession with the average pillow payout dropping from $2.09 last year to $1.88 this year, according to a recent survey by DeCare Dental, a Minnesota-based benefits management company.
What are you cutting back on for your kids? Are you staying home for birthday parties and inviting fewer kids? Are you forgoing the youth league for baseball? Will you give up camp for the summer or pool memberships? Has your Tooth Fairy started paying out less?
By coincidence, the AJC has put together a lovely package about teaching your kids to be money savvy. I wanted to share all the links with you.