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This is the justification my parents use as well. I never ask for anything and never did when I was younger because I was just an independent-minded sort of kid and really, I didn't want for anything growing up. Now I'm 23 and the whole "mountain of presents" thing is getting a little tiring...I mean, I adore my parents and they're the most generous people on the planet, but nobody needs to spend thousands of dollars on gifts.
I'll never forget the day I worked in returns at my retail job after Christmas. One father came through the line saying, cheerfully, that he had "over-bought." He returned literally BAGS AND BAGS full of Matchbox cars, action figures, an electric blanket...I know Christmas shopping gets a little crazy sometimes, but how do you end up over-buying by hundreds of dollars? It was kind of terrifying.
I think my point is that rampant consumerism seems so totally inappropriate, this Christmas in particular. Buying dozens of gifts isn't just unhealthy for your children, it's also a sign that you are utterly insular and oblivious to the wider world.
What it comes down to is parents not communicating effectively the meaning of gratitude. Sure enough there is peer pressure but having the core values at home would carry through for the rest of their lives.
Does anyone beg to differ?