For some people Halloween is not an "all-out" spending holiday, with people doing the same thing from year-to-year regardless of the economy, certain spending boundaries remaining of course. Costumes appear to be where the most money is spent, and is not necessarily affected by economic circumstances while decorations don't really come in to play regarding the economy. The state of the economy seems mainly to affect those throwing a party, forcing people to pull back on certain provisions.
Costumes - clearly the crux of the holiday
Consumers are expected to spend $23.37 per person on costumes this year
Spending on costumes might be the least economically affected aspect of Halloween this year, which seems to demonstrate that costumes are the nucleus of the holiday. While parents probably don't want to spend a ton of money on a costume their child will most likely wear only for one night, parents might pay anywhere from $10 at Sam's Club to $50 or $60 at Target or a Halloween pop-up store.
Married couples without children might spend $40 or $50 on an outfit, but they may recycle one or two pieces for an outfit the following year. Younger folks just out of college will head to thrift stores such as Goodwill or even look for accent items in their closet. Overall, costumes seem to dominate people's wallets with minor thought to economic conditions.
In fact, of those from NRF's survey:
- 40.1% of consumers are planning to wear a costume, up from 33.4% last year
- 69.4% of 18-24 year olds say they will dress up, the highest of any other age group
Decorations - reuse and recycle
Consumers are expected to spend $18.66 on decorations this year and 50.1% of consumers will decorate their home or yard
Halloween decorations seem to be something people don't buy every year, unlike Christmas where maybe new ornaments or bulbs are purchased yearly for a tree; therefore decorations don't appear to be a factor when people consider what or if they are going to cut back on in terms of spending for Halloween.
Some might bargain shop for decorations or pick up one or two new inexpensive items if they happen to see it in a store (like Target or Big Lots), while others might use what they have accumulated over the years. Some people agree that decorations can get expensive and money is better spent on costumes or parties.
Halloween Parties - I wanna party like it's 2008
Halloween parties might be the most affected aspect, in terms of spending, regarding the state of the economy. Perhaps those who went big the previous year, particularly purchasing alcohol, might scale back and instead have a BYOB party. Economic conditions may not completely stall someone from throwing a party, but it might be a more prominent factor from year-to-year.
NRF's survey revealed:
- 33.3% of people will attend or throw a party
- 55.4% of young adults are more likely than any other age group to throw or attend a party
Still Cutting Back
Although some say their Halloween spending will not change, or perhaps they will cut back on one or two aspects, 86.8% of those surveyed said they will spend less overall.
In addition...
- 45.1% will be buying less candy
- 30.7% will be using last year's decorations and not buying new ones
- 18.5% will be using last year's costume
- 19.5% will be making a costume
While some of those in NRF's survey say they will be loosening their wallets, there are still those who will continue to watch their spending. Perhaps this holiday season will be filled with cautious optimism where some party-goers and throwers will pinch their pennies where they can.
Image: Simon Howden/freedigitalphotos.net
Sources:
After Spooky 2009, Halloween Spending Bounces Back to '08 Levels, According to NRF, nrf.com, 9/23/10
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