I will not impulsively grab black and orange paraphernalia off the shelves while I’m supposed to be shopping for groceries. Yet, each year, I end up spending more than I intended to. Maybe it’s because I’m an October baby, but I’m a sucker for Halloween — and this Halloween is already shaping up to be a particularly expensive one, even though the holiday is weeks away.
I’m not the only one with a weakness for spooky spending, however. The National Retail Federation (NRF) released its yearly predictions for Halloween spending. A record seven in 10 Americans plan to celebrate the holiday this year, and they’ll spend about $8 billion total. Of course, that’s nothing compared to the more than $580 billion the NRF is predicting Americans will spend on Christmas. But we’re talking about a holiday that doesn’t require gifts.
Here’s what people will be spending money on:
Costumes: Costumes are predicted to account for $2.87 billion in spending this year, with the average person spending just under $30 on costumes. As proof that Halloween isn’t just for the kids, adult costumes will rake in a third of a billion more than kids’ costumes this year. The biggest spenders? Those between the ages of 25 and 34, who will cough up an average of about $50 on costumes. Fun fact — 13 percent of overall costume spending will be on pet costumes.
Candy: The average person will spend $23.27 on candy this year, and total candy sales are expected to reach $2.33 billion.
Decorations: Next to costumes, Halloween decor is the largest spending category, with the average person expected to shell out $23.56. The U.S. as a whole is expected to spend $2.36 billion. Still, more than one-third of Americans say the economy will cause them to reuse last year’s decorations and that they don’t plan to buy new ones. This is also my plan — and will remain my plan until my next trip to Target.
So how much will I spend? It’s going to be an expensive Halloween for me. For one thing, I will be attending a comic book convention, which is basically a giant costume party for adults. Whichever costume I wear for that will double as my Halloween party costume — which is totally thrifty, right? The amount of memorabilia I plan to buy? Not so thrifty.
I will also be co-hosting a Halloween party. Although several people will be splitting the cost, I will likely be spending more than I would on fun-sized Halloween candy for a night at home waiting for the non-existent trick-or-treaters. In fact, the festive drinks we have planned, I’m sure, will be frightfully expensive.
Do you spend a lot on Halloween? How much do you think you’ll spend this year?
With reining in your spending in mind, here are some of the best personal finance blog posts of the week:
The Simple Dollar expounds on the benefits of waiting to buy something you want now.
A Fist Full ‘O Dollars celebrates the completion of an emergency fund.
Len Penzo lists some of the seasonal deals you can snag during fall.
Saving Advice has some thrifty Halloween costume tips.
Northern Cheapskate shares some ideas for sprucing up your home without expensive renovations.
Money Reasons has some motivational words for those fighting the urge to spend.
Source:
creditcardguide.com
