Every parent wants what is best for their child, but it appears Australian parents go above and beyond.
Raising our kids has become such a booming business in fact, the industry amounts to $110 billion a year and is expected to grow even faster in the next half decade, reports News Limited.
Figures from NATSEM have revealed a 60% increase in yearly spending since 2007 as ‘parents are spending an average of $812,000 to raise two children’.
Thanks to clever marketing and parent’s egos, the trend is no longer just about what is best for the child but also the desire to appear to be a better parent by being ‘up-to-date’, Professor Sharon Beder told News Ltd.
While perhaps not great for your pocket, the kiddy raising industry helps to pay almost $50 billion worth of salaries and supports around 55,550 businesses.
News.com.au has more.
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