My husband and I aren’t rich but we both have good-paying jobs and just 1 child, which means she’s pretty spoiled. We did the Santa thing because there is something about seeing your child light up that makes your heart swell. But Santa never gave the big present. Usually, he did the stocking (socks underwear, maybe a little toy or two) and one gift like a blanket (she loves blankets) or a stuffed animal. The main gift always came from us. We did this for 2 reasons. 1 like you said, why shouldn’t she know that we love her and wanted her to have her heart’s desire? And 2 not everyone has parents in our situation. Much better that she go to school talking about getting a blanket from Santa and a Kindle from us, than the other way around. She knew Santa didn’t get her exceptional gifts, her parents did.
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I think it derives from a compromise with the more strict puritanical idea that parents shouldn’t spoil their children. And yet parents love their children and want to celebrate during the holidays. By introducing an intermediary, a gift-giving entity, a magical frontman, makes it easier to indulge the children. My dad was more strict and my mom was the more loving/giving. So when “Santa” inundated us with tons of presents, all my dad could do was roll his eyes because he couldn’t possibly disillusion children about Santa’s bounty.