Once again, Americans are looking forward to splurging on their favorite candy, costumes and decorations during the Halloween season. According to the National Retail Federation’s annual survey conducted by Prosper Insights & Analytics, total spending for Halloween is expected to reach $9 billion, the second highest in the survey’s 14-year history. The figure is relatively the same as last year’s previous record of $9.1 billion.
Celebrants are planning to spend an average of $86.79, up from last year’s $86.13, with more than 175 million Americans planning to partake in Halloween festivities this year.
“The economy is good and consumer confidence is high, so families are ready to spend on Halloween this year,” NRF President and CEO Matthew Shay said.
Pet owners are expected to spend more money on their pets for Halloween this year, as well. In fact, 18 percent of owners will dress pets in costumes, up from the 16 percent who did so last year.
“One of the biggest trends this year is the growth of spending on pet costumes,” Prosper Insights Executive Vice President of Strategy Phil Rist said. “Out of the 31.3 million Americans planning to dress their pets in costumes, millennials (25-34) are most likely to dress up their pets, the highest we have seen in the history of our surveys.”