: Halloween spending expected to increase by $500 million as candy prices soar at the highest rate on record

by | Oct 17, 2022 | Stock Market

It’s going to be a big year for Halloween, despite millions of Americans feeling financial pressure due to inflation. Total spending is expected to hit $10.6 billion, an increase of 5%, or $500 million, over last year, the National Retail Federation estimates. That’s up $2 billion, or 20%, over the $8.8 billion spent on Halloween in 2019 — the last trick-or-treat before the COVID-19 pandemic. 

Spending on costumes is expected to reach $3.6 billion this year, according to the NRF survey, the most since 2017. Spending on costumes for adults could reach $1.7 billion this year, $200 million more than last year. More than half (57%) of Americans said that inflation was affecting their Halloween spending, according to a separate LendingTree survey. Nearly a quarter of those surveyed said they were buying less candy. Inflation was up by 8.2% in September compared with last year, according to Bureau of Labor Statistics data, putting it at one of the highest levels in the past four decades. The price of candy and chewing gum rose 13.1% year-over-year in September, the highest increase on record, the BLS said. To put that in context: It once took nine years, from December 1997 to December 2006, for candy and chewing gum prices to increase by that amount.

“The price of candy and chewing gum rose 13.1% yea …

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