Something you should probably consider, too.
I know multiple families in the US, Canada, Germany, Japan, UK and Australia that on average spend around $650 at christmas, and $450 on birthdays for their kids, especially when they have few or just one child.
Not everyone is living on a shoestring.
And those families and those countries represent the average? All of those countries you mention are in the top 30 richest countries for GDP per capita. What socio-economic strata are you and your acquaintances in? It would supprise me if you were all in the global median band. Or even in the median band for all countries where the consoles are sold. Perhaps you don't really understand how rich you and your acquaintances are on a global scale. You might not be one of the 1% but you will most likely be in the upper 25%. The fact that you know multiple families in 4 regions of the globe and you know them well enough to know how much they spend on their kids every birthday and Christmas is itself strong evidence that you and your acquaintances are highly likely to be among the wealthiest 25% of people in the world. That's not "the average person".
“The fundamental cause of the trouble is that in the modern world the stupid are cocksure while the intelligent are full of doubt.” - Bertrand Russell
"When the power of love overcomes the love of power, the world will know peace."