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10/29/2017

Splurge vs. Saving: Halloween Spending Trends

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Splurge Vs. Saving: Halloween Infographic Spending Trends: Here are some frightening facts: Halloween spending climbs in spite of the need to save more. A recent Harris Poll survey found that Millennials are saving less for long-term expenses than other demographic groups, and choosing instead to splurge on short-term treats like Halloween costumes and parties. How do these saving and spending trends compare across generations? Generation gaps definitely exist in Halloween spending with Millennials spending an average of $183, Gen Xers spending an average of $70 and Boomers spending an average of $23 for Halloween. On average, each respondent to the survey will spend $22 on candy, $27 on costumes, $21 on party/home décor and $11 on other items. Different generations are willing to spent vastly different amounts on Halloween costumes as well. Millennials report they will spend an average of $66, Gen Xers plan to spend $25, and Boomers will spend only an average of $3.  Those numbers may go up, though – 29% of Millennials, 20% of Gen Xers and 11% of Boomers say they will likely spend more on Halloween than they initially planned. In terms of general savings priorities 61% of Millennials are saving for an emergency and 42% are saving for a vacation. But only 38% of Millennials are saving for retirement, as compared with 62% of Gen Xers, and 48% of Boomers. Millennials’ saving and spending patterns including their Halloween expectations provide some insight into their values when compared with the patterns of the other generations. As they prioritize saving for short-term goals like holiday shopping and vacations over long-term goals like retirement, Millennials habits indicate their appreciation for experiences above all else.  The survey was conducted online within the United States by Harris Poll on behalf of CIT between October 3-5 2017 among 2,185 U.S. adults ages 18 and older. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated.

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