EAST PROVIDENCE, R.I. (WPRI) — Halloween spending is expected to hit a record $12.2 billion this year, according to the National Retail Federation (NRF).
The NRF estimates that 73% of Americans will partake in Halloween festivities this year. Those celebrating the spooky holiday will spend an average of $108.24 each.
Halloween spending this year is anticipated to be significantly higher than it was back in 2020, when Americans were expected to shell out $8 billion.
“More Americans than ever will be reaching into their wallets and spending a record amount of money to celebrate Halloween this year,” NRF President Matthew Shay said.
The majority of Americans plan on celebrating Halloween by handing out candy (68%), decorating their homes (53%) or dressing in costume (50%), according to the NRF.
In a return to pre-pandemic norms, the NRF said more Americans will be hosting or attending a Halloween party (32%) and taking their children trick-or-treating (28%).
The NRF estimates that shoppers will spend $4.1 billion on costumes alone, in addition to $3.6 billion on candy. Discount stores (40%) remain the top destination for Halloween shopping, followed by specialty/pop-up stores (39%) and online (32%).
“Social media continues to grow as a source of costume inspiration for younger consumers, as more people under 25 are turning to TikTok, Pinterest and Instagram for ideas,” rosper Executive Vice President of Strategy Phil Rist said.
This year, the NRF said 2.6 million children plan to dress up as Spiderman, 2 million as their favorite princess, roughly 1.6 million as a ghost, 1.5 million as a superhero and 1.4 millions as a witch.
When it comes to adults, the NRF said more than 5.8 million plan to dress up as a witch, nearly 2.4 million as a vampire, 1.8 million as Barbie, more than 1.4 million as Batman and 1.3 million as a cat.