Americans Are Spending More on Halloween | American Funds

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Americans Are Spending More on Halloween

Here’s a scary thought: Your Halloween budget’s going way, way up.

The average household is set to spend a record $82.93 this year, a 12% jump from last year’s $74.34, according to an annual Halloween spending survey conducted by Prosper Insights & Analytics for the National Retail Federation.

In all, consumers will pour $8.4 billion into Halloween purchases, up from $6.9 billion in 2015 and $5.1 billion in 2007, the survey found. Many of those dollars, $3.14 billion, will be spent on costumes for kids, adults — and yes, pets. A total of 16% of consumers plan to dress up their critters this year.

When did Halloween spending go from homespun to high-spend?

It started with the recent economic downturn as Americans turned to Halloween celebrations as an escape from their money troubles, explained Pam Goodfellow, consumer insights director at Prosper.

The rise of social media has also played a part in amping up Halloween spending. Revelers have become focused on the quality of their costumes and the experiences they share on social platforms.

This year’s projected surge in Halloween spending might have something to do with the upcoming presidential election. Goodfellow added, “It’s escapism.”

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