Inflation Putting A Scare Into 2024 Halloween Spending, Could Holiday Spending Be Next?

With Halloween creeping up, consumers are preparing to enter the season of budget horror — otherwise known as holiday spending — that starts in October and runs through the rest of the year. But given inflation’s impact on people’s budgets, Americans may get more tricks than treats this year. In fact, according to our newest survey of more than 2,000 U.S. consumers, 59% of Halloween spenders plan to forgo a spooky purchase this year due to inflation. Of course, others say they expect to splurge, even as 49% who’ve overspent admit being haunted by regret. See what other scary findings our survey reveals … if you dare.

• Inflation may dampen the Halloween spirits of Americans who plan to spend. 59% will forgo a Halloween purchase this year due to inflation, including decorations (30%), candy (28%) and party supplies (23%). Across generations, Gen Zers who plan to spend on Halloween are most likely to cut back on holiday purchases, at 74%.
• Others, however, will splurge on the spooky season. Almost half (47%) of Halloween spenders plan to splurge this year, mainly on costumes (17%), decorations (16%) or themed activities (14%). Overall, they’ll spend $172 on average (up from $162 in 2023), and 33% expect to spend more this year than last.
• Some have overdone their Halloween spending in the past. 28% of Halloween spenders have gone into debt over holiday items or activities, with 17% saying they likely will again this year. When asked what contributed to their decision to overspend, 40% admitted they wanted to impress neighbors with their decorations. Overall, 49% of those who’ve overspent on Halloween regret it.
• Most stay traditional with their Halloween purchases. Among all Americans, the top items to purchase are candy (59%), outside decorations (23%) and kids’ costumes (22%). Some Halloween spenders plan to celebrate with spooky movies, as 52% say they may subscribe to a new streaming service this year for holiday content.

Source: WMAR TV News Baltimore