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As Black Friday and Cyber Monday approach, parents across the country are grappling with the age-old question: how much should I spend on my kids’ holiday presents this year?

A recent poll by parenting company What to Expect surveyed 467 moms with young children last month to shed light on how families are budgeting for holiday gifts.

The survey found that, on average, parents spend $173 per child during the holiday season.

However, the spending habits varied widely depending on family dynamics, income levels, and even the age of the child.

Parents with multiple children spend less per kid

The survey also found that families spend an average of 18% less per child compared to parents with only one child.

Moms with a single child planned to spend $202, while those with two or more kids allocated $170 per child.

FILE: Christmas presents under tree (Credit: Swen Pförtner/picture alliance via Getty Images)

In addition, parents said they spend nearly the same amount on gifts for babies, toddlers, and older kids. According to the data, babies under 12 months receive $168 worth of presents, while toddlers aged 1 to 4 receive $161.

Younger Moms Tend to Spend More

Gen Z moms spend an average of $179 per child, compared to millennials, who spend $170.

While, the data shows that younger moms spend slightly more, these moms reported earning less than their elder counterparts. Gen Z moms in the survey reported having an average household income of $56,021, compared to the $76,747 that millennial moms earn annually.

"Historically, we've caved to the pressure and gone insane trying to buy tons of gifts," one mom shared to What to Expect. "But we recently decided to implement a new rule of four gifts each: one thing they want, one thing they need, one thing they wear and one thing they read. I already feel a huge weight lifted just deciding to do that!"