This Halloween season is looking grim. Nearly two-thirds of Americans plan to spend less compared to last year’s record $12.2 billion.
Inflation is causing significant cutbacks, with 59% of consumers surveyed indicating they will forgo purchases, especially in decorations and candy. Gen Z is leading these reductions.
Halloween Spending Outlook for 2024
Lars Perner, a marketing professor, pointed out that inflation on food has been ongoing for years, contributing to hesitancy in spending. Even though general inflation has decreased, many still feel its impacts, especially with uncertainties surrounding elections and the economy.
Year-Over-Year Spending Comparison
Halloween spending reached a historic high of $12.2 billion in 2023, while projections for this year are around $11.6 billion. Discount stores are the primary shopping spots, with 37% of shoppers heading there.
However, nearly half of the surveyed individuals still intend to splurge, with average spending hitting $172 this year, up from $162 last year. Candy remains the top purchase, followed by decorations and children’s costumes.
While Halloween candy prices might be high, bigger sales may emerge closer to the holiday. Perner mentions that consumers might initially hold back but could give in as the date approaches.
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