How much did you spend this Halloween? According to Consolidated Credit, Halloween spending in this…
How much did you spend this Halloween? According to Consolidated Credit, Halloween spending in this country almost doubled in the past decade. The reason is really…strange.
“Studies show almost half of all Millennials admit to making Halloween purchases for items just to include them in social media posts,” says April Lewis-Parks, Education Director of Consolidated Credit.
She calls the phenomenon “costume envy,” and it might be one big reason why Halloween spending rose from $4.75 billion to $8.8 billion in the past decade, according to the National Retail Federation.
“Halloween was once an inexpensive holiday of homemade treats and costumes out of bedsheets,” Parks says. “Now we spend hundreds of dollars – only weeks before we spend hundreds more on Christmas and Hanukkah gifts.”
Consolidated Credit’s certified counselors have for years offered tips for keeping future Halloweens from becoming a financial horror story…
Repurpose old Halloween costumes. Take pieces from old costumes to create new ones. For example, a black cape from a batman costume can always double as a cape for a vampire costume.
Hold a costume swap with your children’s friends. By cutting out the price of new costumes, you can drastically cut back your Halloween spending.
Buy unisex costumes. If you have more than one child, you can reuse the costumes when your other child gets older. Or you can pass the costume onto friends or family who have kids.
Shop after-Halloween sales. It’s never too early to start planning for next year. Many stores have sales for up to 90% off items after the holiday is over.
Consolidated Credit is a nonprofit 501(3)c and has been assisting consumers for over 26 years.