In our home I see the expense varying from year to year. Our kids are 15,12 and 8.
We feel more inclined to spend more money when the gifts asked for are of value instead of cheap plastic toys or video games.
Two of our kids asked for memory foam mattresses toppers . One of our kids asked for a marching band snare drum. They also would like some clothing/shoes. Then there are stocking stuffers. So, I think that it will all average out to about $300-350 per kid.
200 is not ridiculously high. Your boy needs a bike so that is great that you can give it to him at Christmas instead of a random day in the summer cuz he wants/needs one.
We do not go into debt for Christmas. If things were that dire then we would scale waaaaay back. My husband and I do not buy gifts for each other. We end up going on a trip together in the Spring instead..
We find ways to put together small, inexpensive gifts to give to family,friends,teachers,neighbors etc. I have 24 gifts all wrapped up right now that were $4 each to put together. They are given to the kid's teachers, our friends and neighbors.
You can find creative ways to scale back in other areas so you can splurge on your boy.
Have a very Merry Christmas!