Most shoppers planned to spend less on Halloween as inflation haunts families: survey

Most Americans planned to spend less on Halloween this year as economic fears haunt their families, according to a survey released Monday.

Personal finance website WalletHub reported that 57% of 250 adults responding to a recent poll said they planned to cut back spending on Thursday’s celebration of monsters and ghouls compared with last year. 

WalletHub editor John Kiernan cited “inflation and record-high interest rates” on credit cards for the trend, noting that 64% of respondents reported having nightmares about money. 

“Halloween spookiness is limited to a single day on the calendar each year, but financial fears haunt many Americans all year long,” Mr. Kiernan said.

The findings echo recent industry reports predicting that surging candy prices, record-high debt levels and stagnant wages will reverse a three-year trend of increased Halloween spending following the end of COVID-19 restrictions.

The National Retail Federation estimates that Americans will spend $11.6 billion on Halloween this year, including $3.5 billion for candy and $3.8 billion for costumes and decorations. That’s down from a record-high $12.2 billion last year but remains about $3 billion higher than pre-pandemic levels.

WalletHub survey participants reported high levels of “economic unease” about being able to afford unplanned financial emergencies and needs, with 46% saying they were “very fearful” of the current U.S. economy and 45% saying they were “somewhat fearful,” compared with 9% who said they were not fearful.