Halloween is the second most expensive holiday: survey
Posted Oct 28, 2016 01:03:24 PM.
This article is more than 5 years old.
VANCOUVER (NEWS 1130) – There are only a few more days until Halloween and it looks like empty wallets may be a big part of many costumes this year. A recent survey found many of us don’t even budget for the holiday.
“Sixty-seven per cent reported that they do not create a budget for Halloween, making it much easier to overspend unknowingly on costumes, decor or even candy,” explains Sarah Skirboll of RetailMeNot Canada.
Between the costumes, the candy and the decorations, it is now the second-most expensive holiday of the whole year behind Christmas. Hosting a party can set you back more than $160, you could spend about $90 on booze and going to a party can set you back just as much.
Kate White, a marketing professor with the UBC Sauder School of Business, says millennials will spend the most and part of that is due to nostalgia. “Previous generations may not have gone trick-or-treating when they were younger, but this generation of adults grew up with it.”
The average person will spend around $120 on costumes and entertainment above and beyond alcohol and parties and almost any business can find a way to get in on the trend says White. “Different types of businesses are trying to offer things to consumers that will resonate with Halloween.”
And everything seems to cost more. “I think it’s getting a little more elaborate. I’ve seen the decorations get more and more elaborate. Now things are remote-controlled with lights and things like that which we didn’t have before,” says White. The quality has also improved. “[There are] more higher-end ways [to spend.] You can get higher-end costumes, higher-end decorations, and higher-end chocolates. There are definitely more avenues to spend your money,” she adds.
As for the kids, it used to be that they just needed a costume. “But now they’re asking for more. They want decorations and the costume and they want a party and they want to dress up the dog.”
The RetailMeNot survey shows people will spend an average of $38 on candy and another $45 on decorations.
