Americans love Halloween, that most American residents would spend a lot of money for the spooky holiday. From costume expenses, Halloween decorations, candy, and so much more, these expenses could seriously hurt the American resident’s bank.
According to a recent survey by CIT Bank, a good 36% of consumers plan to spend more money this year on the holiday than they did last year.
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More findings are here:
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.”
Not only can credit card debt cost you money in the form of interest, but too much of it can hurt your credit score. And that could kick off a cycle where borrowing in the first place becomes more expensive. It’s better off avoiding that horror if at all possible.
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