$12 billion with a ‘B:’ Halloween spending skyrockets to new record

Twelve billion bucks will buy a heap of candy corn.

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The National Retail Federation’s study by Prosper Insights & Analytics projects that American consumers will spend a whopping $12.2 billion on costumes, decorations, and Halloween candy this year.

That would shatter the previous Halloween spending record of $9.1 billion set in 2017 -- but spending fell to $8 billion when COVID hit, USA Today reported. Doing the math: consumers will spend about $108.45 each this year, up from a little over $100 each in 2022.

The number of people participating in Halloween-themed activities will be up to 73% from the all-time high of 69% in 2022.

The Halloween traditions of decorating yards, handing out candy, and dressing up in costumes are still going strong. Pre-pandemic norms are returning, and more people have started hosting or attending a party, and are taking their children trick-or-treating, the National Retail Federation (NRF) posted on its blog.

More people are planning to dress up -- 69% compared to 67% in 2022. Of those celebrating Halloween, 77% said they will buy decorations, which is about the same as last year, but higher than 72% in 2019.

Projecting the increases in spending has been easier this year -- like other major holidays, people have begun buying their Halloween gear early, NRF reports.

USA Today wrote that witch and ghost costumes are a hit with grown-ups, kids, and even pets. The “Barbie” film and “Super Mario Brothers Movie” have caused a surge in themed costumes.

Don’t forget Wednesday Addams. It’s been a while since the NETFLIX show was a worldwide hit, but there will still be a bunch of little girls in black dresses and pigtails going door-to-door on Halloween as well.

The Lending Tree is throwing cold water on Halloween fever, issuing a dire warning that running up a bunch of Halloween bills on credit cards can haunt you for months to come.

Inflation is scarier than ghosts and ghouls, the website points out. While 50% of responders said inflation will put the brakes on some of their spending but that will be more than offset by the 48% who said they planned significant Halloween expenses.

More than a quarter, 27%, said they’ll go into debt to celebrate Halloween.