This isn't a trick: Halloween is getting more expensive.
It's not just your eyes fooling you: prices have become more expensive for costumes and candy. Altogether, Americans are expected to spend $11.6 billion on Halloween in 2024, according to the National Retail Federation's Halloween Spending Survey. Although that's less than the $12.2 billion Americans spent on the holiday last year, as fewer people plan to celebrate, it's still a hefty figure.
In fact, 2024's projected Halloween spending averages out to $104 per person and includes an anticipated:
- $3.8 billion spent on costumes.
- $3.8 billion on decorations.
- $3.5 billion on Halloween candy.
- $500 million on greeting cards.
Starting the season of … spending
Halloween typically marks the beginning of the holiday season—with Thanksgiving and Christmas not far behind. With some prices still elevated, consumers may be already feeling the crunch of higher costs overall—or they may need to finetune into their spending habits before the holiday season is in full swing.
"The cost of everything is increasing," said Jennifer Ellis, senior consumer product manager at BOK Financial®. "The high costs are top of mind for everyone, and this upcoming holiday season is no different."
She said that spending more on Halloween might create even more challenges for people since it's right before the big holiday spending time, which usually kicks into gear toward the end of November.
"There are a lot of people still adjusting to this post-Covid world, so they might need to make some mental adjustments as they get back to 'normal.' Budgeting becomes even more critical to make sure people are living within their means," Ellis said.
She suggests the following when planning for the upcoming holiday season:
- Create a budget and track your spending. Budgeting for the holidays is like everything else: you need to create a plan, set a budget and stick to it. "The earlier you plan the better off you'll be," she said.
- Curb impulse buys. "Big pushes from retailers—like Prime Day—push us to spend without taking a moment to think," Ellis said. Tracking your spending as you go will help keep impulse purchases, which can derail your budget, at bay. "One way to help combat this is to walk away from your online cart for a day and come back to it; this might help you think about your spending and avoid impulse buying."
- Plan early for travel. The earlier you can plan for traveling over the holidays, the better. "Procrastinating is not your friend here," she said. As the timeframe for your travel gets closer, supply might become limited, which can make purchases of things like airline tickets more expensive, so planning ahead is critical, she noted. One recommendation is to monitor websites that track flight discounts for several months in advance to find a more budget-friendly flight (or maybe put this on your to-do list for next year).
- Spread out your expenses. One way to stretch your budget is to spread out your expenses and track them on a spreadsheet. If it feels too late to take these steps for this holiday season, it's never too early to plan for next year. Ellis also suggests creating a "slush" fund or special savings account that you can put money aside in early in the year so that the holidays don't end with a big credit card bill.
- Look for deals. Black Friday and Cyber Monday sales are a good place to look for deals if you know what you're looking for. "Make a list of items that you want to buy and keep an eye out for the best deals," she said. "Planning and research can help you figure out the right time to buy certain items."
- Try envelope stuffing. One budgeting tactic for keeping spending in check is through a trend called "envelope stuffing." To do this, write names on physical envelopes and then put the amount of money you plan to spend on each person in the envelope. Once you've used up the money in the envelope, it's empty. "It's like creating buckets so that you can better control and monitor what you're spending as the season progresses," Ellis said. "This might be a good visual representation of your budget."
- Be careful when using credit cards. "Credit card debt is on the rise, and with interest rates being so high, you're going to ultimately pay more for the items that you want if you're already carrying a balance," Ellis said. Keep a close eye on your statements, try to pay your card in full to avoid steep fees and make sure you're aware of your spending to avoid getting a big surprise at the end of the holiday season.
- Have a plan. The most important thing you can do is have a plan, she said. "It's like going to the grocery store without a list—you're going to overspend if you don't plan ahead for what you need."
. © 2024 BOKF, NA.