Halloween spending is taking a hit this year as inflation affects everything from costumes to candy prices.
Rising costs have pushed many Americans to scale back their Halloween plans, with a recent survey showing that some 53% of consumers say higher prices will affect their holiday spending.
The Halloween and Costume Association, an industry trade group comprised of 30 costume companies, found that 26% plan to spend less than last year. That tracks with data from the National Retail Federation, which estimates Americans will spend $11.6 billion on Halloween this year—down from $12.2 billion last year.
Candy prices alone have surged some 39% since October 2020, largely due to higher labor, cocoa, and sugar costs. Meantime, the consumer price index for candy and chewing gum rose about 22% since President Joe Biden and Vice President Kamala Harris took office.
The higher prices have prompted some consumers to say they will cut back on decorations, costumes, and candy in favor of essentials, according to a survey by Lending Tree, which found 59% of shoppers planned to skip specific Halloween items to save money. 28% of those surveyed told Lending Tree they have taken on debt for past Halloween purchases and likely would do so again this year.
Business experts say Americans have less to spend on Halloween this year partly because salaries have failed to keep up with inflation. A marketing instructor from New York University said, "The Biden-Harris administration often talks about the economy in a positive way, pointing out things like more jobs and lower unemployment.
"However, many regular people are not feeling this same sense of improvement because prices for things they need every day are still rising."
Kate McManus ✉
Kate McManus is a New Jersey-based Newsmax writer who's spent more than two decades as a journalist.
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