Inflation Spooks Some Halloween Shoppers, Others Spend Freely

It's no secret that inflation has taken a bite out of Americans' wallets lately. But will the specter of higher prices also haunt Halloween spending this year?

According to a new LendingTree survey of 2,000 people, the answer is yes...and no. A full 59% of consumers plan to nix at least one Halloween purchase due to inflation concerns. "When life gets more expensive, sacrifices have to be made, and sometimes that means dialing back on things you love," notes Matt Schulz, LendingTree's chief credit analyst.

Yet paradoxically, the average American still expects to shell out $172 on Halloween this year - a $10 jump from 2023. Men expect to spend $225 compared to women's $115. Parents with kids under 18 are spending the most, with plans to spend $260 on average.

Candy remains the most popular purchase, with 59% of Americans planning to stock up on treats. Decorations and kids' costumes round out the top three items on shopping lists.

The pressure to create impressive Halloween displays comes with a dark side - debt. Nearly three in ten Halloween spenders have previously gone into debt for the holiday, with 40% saying they overspent trying to compete with their neighbors' decorations.

Generation Z is feeling the inflation impact most severely, with 74% planning to reduce purchases. However, they're more likely than other age groups to travel for Halloween attractions, with 18% planning trips outside their city. Millennials, aged 28 to 43, are particularly focused on decorations, with 22% planning significant displays. High-income earners making over $100,000 annually expect to spend the most, averaging $299 on Halloween celebrations.

Despite the mixed spending trends, nearly half of shoppers (47%) plan to spend extra on costumes, decorations, or themed activities. Those cutting back cite decorations (30%), candy (28%), and party supplies (23%) as areas where they'll reduce spending due to inflation.

by Alex Bailey | October 24, 2024 | SHARE