Halloween spending to reach new heights

U.S. consumers are planning to splurge on Halloween goodies this season, as spending is projected to hit record heights.

Total spending for Halloween is expected to reach $8.4 billion, according to the National Retail Federation’s annual survey conducted by Prosper Insights & Analytics.

This would be an all-time high since the survey launched in 2005. The group projected sales of $6.9 billion in 2015.

U.S. consumers are expected to spend an average of $82.93, which is up from last year’s $74.34. More than 171 million Americans planning to partake in Halloween festivities this year.

Shoppers plan to spend $3.1 billion on costumes (purchased by 67 percent of Halloween shoppers), $2.5 billion on candy (94.3 percent), $2.4 billion on decorations (70 percent) and $390 million on greeting cards (35.4 percent).

RELATED: 83% of Halloween items to be purchased in brick-and-mortar

Brick and mortar will win Halloween, as the majority of shoppers plan to visit physical locations. Roughly 47 percent will shop at discount stores for Halloween-related items and 36 percent will visit a specialty Halloween/costume store, up from 33 percent last year.

Just 22 percent will shop online.

“Consumers are eager to celebrate Halloween, especially given that eight in 10 Americans will shop by mid-October. That is the highest we have seen in the survey history,” Prosper Insights Principal Analyst Pam Goodfellow said. “Americans will enjoy taking advantage of early-bird promotions both online and in-store as they kick off the fall season.”

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