Halloween is creeping up and many of you are keeping your money in your wallet this year when it comes to spooky spending.
According to a new survey by Lending Tree, 59% of Halloween spenders plan to skip out this year due to inflation.
“It never surprises me to hear people cutting back on anything because of inflation,” says Matt Schulz, LendingTree chief credit analyst.
“Life is so much more expensive than just a few years ago, and it has left many Americans squeezed to the breaking point. When that happens, sacrifices have to be made, and sometimes that means dialing back on things you love, like Halloween spending.”
Those who are making Halloween purchases are spending more. The average amount spent this year is expected to be $172, up from $162 last year.
For those who do plan to splurge, it's on their outfits (17%), followed closely by decorations (16%) or themed activities (14%).
No surprise that parents of young children are most likely to splurge on costumes for their little goblins and ghouls.
Just one-third of Halloween spenders expect to dole out more than last year, though, another sign that budgets may be a bit tighter this year.
Among those who plan to spend on Halloween, nearly three-quarters (72%) have never gone into debt to fuel their frightful festivities. But 17% say they have overspent their way into debt.
Trying to out-fright their neighbors with elaborate home decorations was the most popular reason for the overspending (cited by 40% of the group).
The top Halloween shopping item is candy with 59% of those surveyed planning to stock up. Decorations and costumes for kids come in second and third on that list.
