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Since you've already received advice on how to "handle" accepting or directing gifts, I'd like to give a bit of a comment on the fact you're a bit preoccupied with how much money they have.
Please keep in mind, I am not trying to be rude here.
First off, its none of your business how they spend their money. (Though i can understand not wanting a cluttered house, or for them to think they have to buy gifts. But in the terms of how they spend their money, none of your business whatsoever.)
Second part is... just because you dont think (or know) someone has as much money as you, does not mean that they dont have the same amount/more to spend on certain items they find valuable.
For example, my husband and I (DH works full time, I work part time, by choice) do not make very much money at all. HOWEVER, we manage our money very very well (if I do say so myself!).
We manage it so well, that even though all of our friends - whom all make twice as much (or more, in several instances) - do not live as "well" as we do. (Many of them have unpaid bills, things get turned off, etc) Why? Because they dont manage their money well.
My point of this is; just because they may not make as much as you and you feel the need to "pity" them (at least that is how it seems) does not mean they are in need of your misdirected (though good intentioned) "pity". It is very possible they manage their money very well and buying these toys is not a pinch in their wallets at all.
I hope I am not coming off as too "bit-chy", but I admit... it is a pet peeve of mine when others who make more assume those who dont cant possibly afford items as easily as they do and therefore try to discourage them from buying certain things. Frankly, unless they are constantly talking about bills going unpaid, and not sure what they are going to do, etc... then dont discourage that.
Now... onto them buying things for your son in general. First question to ask yourself is: Would you mind your child receiving those gifts often if it was from someone you knew had tons of money to spare?
If the answer is yes... leave it alone and mind your own business about money matters of others.
If the answer is no... then yes, i'd say mentioning something subtle would be good. A perfect way to go about it, would be what another post had mentioned.
Sit down with them and let them know you'd prefer they didn't get him gifts everytime, because you do not want him to begin assuming he will always get a gift and that you want him to still know them and value their time, not just what they bring. Mention that you really think its great and how lucky you think your son is for having such a loving extended family. I find it unlikely that they wouldn't understand, they obviously love your son and most likely want the best for him too.
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