Dollars & Sense: American Psychos Spending $8 Billion on Halloween
If you are frightened by the likelihood of this Halloween costing you a Franken-fortune, you are not alone ... or are you?
According to a recent survey by the National Retail Federation, consumers are dying to spend more money this Halloween, as the ghoulish holiday has been predicted to drive the stakes into this wicked season to the tune of more than $8 billion—a 10-year high.
The average trick-or-treating American psycho plans to coffin up (sorry) an average of nearly $80 on costumes, decorations and candy (up from last year’s $72), with about 72 percent of the population planning to attend Halloween parties (up from about 69 percent). Unfortunately, parents cannot blame their evil children for this insurgence of financial darkness, as the more than $200 million spike in adult costumes represents the largest increase in Halloween spending this year; kids' costumes are responsible for merely about $100 million.
However, All Hallow’s Eve appears to be the most budget-friendly holiday, as people typically spend an average of well over $100 on Valentine’s Day and Easter, and nearly $200 on Mother’s Day.
Researchers attribute the upswing in spending to more of the population getting their finances in order since the economic downturn in 2008.