Parents and Gen Zers Most Likely to Overspend on Halloween This Year
Thursday, October 21st, 2021
LendingTree asked over 2,000 Americans about their Halloween spending plans, including whether or not they think they'll go into debt for Halloween-related expenses, if they plan to skip on spending money on the holiday this year due to the pandemic and what they plan to buy if they're splurging.
75% of Americans will spend money on Halloween this year. The most common purchases include candy (53%), pumpkins and carving supplies (24%), outdoor decorations (22%) and costumes for kids (20%).
24% of parents with kids under 18 will spend more than they can afford, and 41% are planning a special splurge. Their primary reason for overspending is to make their children happy (47%).
Gen Zers will also spend big for Halloween, with 57% splurging and 23% spending more than they can afford. That generation's main motivator was fear of missing out (29%).
Social media is another big motivator for Halloween spending. Gen Zers (60%), parents of kids under 18 (52%) and women (41%) all say they buy Halloween-related items in order to include them in social media posts.
Watching a scary movie and buying Halloween treats are the top two ways Americans will celebrate the holiday (both 32%). On the other hand, 12% say they won't partake in Halloween due to COVID-19.
"Throughout the pandemic, we've heard of people going above and beyond when it comes to holidays and other events to make up for how crummy the last couple of years have been," said Matt Schulz, LendingTree's credit card expert. "Don't let your big Halloween blowout turn into debt, though. One evening of fun isn't worth it if it is followed by months of debt."
To view the full report, visit: https://www.lendingtree.com/credit-cards/study/halloween-spending-survey/.