Parents' savings are being spent on dressing their children in the latest fashions, according to research from Prudential. The report revealed that parents spend an average of £446 million on baby clothes and accessories during the first year of their child's' life, with 12% of those baby's dressed in the latest Versace, Prada and Ralph Lauren! To make things worse, 11% of parents have admitted that their child owns designer luggage!
Almost half of UK parents said that it was important for their baby to look trendy, with 27% spending more than £1,100 on clothes, shoes and accessories in their baby's first year!
Our view
People have really got their priorities wrong here. Dress you baby well and retire in poverty. Government need to do more to educate people on priorities.