How Will Inflation Impact Your Halloween Spending in 2023?
You can’t put a price on Halloween. Despite rising prices, it seems many people are unwilling to hold back on celebrations for the spookiest day of the year.
Halloween spending is expected to reach an all-time high of $12.2 billion — an average of $108.24 per person — this year, according to the National Retail Federation. This is monumentally more than last year’s record-breaking $10.6 billion spending — $102.74 per person.
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Most people (73%) will participate in Halloween-related activities, according to the NRF.
This includes handing out candy (68%), decorating their home or yard (53%) or dressing in costume (50%). In total, spending is expected $3.6 billion on candy, $3.9 billion on decorations and $4.1 billion on costumes.
Halloween Treat Prices 2023 vs. 2022
Whether you’re buying candy and snacks for trick-or-treaters, your child’s classroom or a party, there’s a good chance you’ll be paying more for standard items this year. Here’s a look at the price of several Halloween treats this year, compared with last year.
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M&M’s, Snickers and More Variety Pack, 30-Count
Featuring a mix of full-size M&Ms, Milk Way, Twix and Snickers candy bars, this Costco variety pack currently has a regular price of $28.99, but is on sale for $23.79 through Oct. 31. In 2022, this exact same product had a regular price of $25.19, with a sale price of $20.79 through Nov. 11.
Oreo Orange Creme Halloween Chocolate Sandwich Cookies
The Halloween version of the classic Oreo is currently $4.69 per package at Target. This is slightly more than its price of $4.39 in 2022.
Reese’s Milk Chocolate Peanut Butter Cups
A Halloween favorite, a 19.5-ounce bag of Reese’s Milk Chocolate Peanut Butter Cups Snack-Size Halloween Candy costs $7.99 at Kroger. This marks a $0.50 increase from its 2022 price tag of $7.49 per bag.
GoGo Squeez Halloween Applesauce Pouches
Ideal for parents looking for a healthier snack, Whole Foods has a 20-count box of GoGo Squeez Halloween Limited Edition Pouches for $19.99. Notably, the grocer sold a similar 20-count GoGo Squeez Halloween assortment for $17.99 in 2022.
Favorite Day Monster Drizzle Caramel Corn
Consisting of dark chocolate, popcorn sprinkles and pretzels, a 7-ounce bag of Favorite Day Monster Drizzle Caramel Corn is $4 at Target. A welcome change, this item had a regular price of $4.49 last year, meaning it’s actually $0.49 cheaper.
Predictions for Halloween Spending
As noted above, many people are planning to spend a sizeable amount of money on traditional Halloween items. However, some might be looking for ways to cut back or simply seek non-traditional ways to celebrate.
When it comes to spending, here’s what John Browning, CEO at Guardian Rock Wealth, expects to see from at least some consumers.
The Costume Resale Renaissance
“In the spirit of sustainability and thriftiness, an emerging trend may see more individuals turning to costume resale platforms,” he said. “With the environmental impact of fast fashion in the spotlight, savvy consumers could opt for second-hand costumes.”
He noted that the benefits of buying previously owned costumes are two-fold.
“This not only reduces the financial burden on households, but also contributes to a more eco-friendly Halloween,” he said. “Keep an eye out for local resale groups and online platforms becoming unexpected treasure troves for budget-friendly, pre-loved costumes.”
Tech-Enhanced Décor
“Technological advancements are infiltrating Halloween decorations in novel ways,” he said. “Expect to see an uptick in tech-enhanced decorations, such as augmented reality — AR –projections and interactive displays.”
He said tech-enhanced décor offers several advantages.
“These innovations offer a unique and immersive experience, adding a high-tech flair to traditional spooky setups,” he said. “While the initial cost might be higher, the reusability and wow factor could make them an attractive investment for tech-savvy Halloween enthusiasts.”
Cryptocurrency Trick-or-Treat
“Cryptocurrency adoption has been steadily on the rise, and this Halloween might witness a novel way of exchanging treats,” he said. “Some forward-thinking neighborhoods or events may experiment with crypto-themed Halloween activities, where participants can receive or donate small amounts of cryptocurrency instead of traditional candies.”
This might sound a bit wild, but you never know.
“It’s a quirky intersection of technology and tradition that showcases the evolving nature of currency and transactions,” he said.
Takeaway
Ultimately, Halloween doesn’t have to break your budget to be fun. If you’re feeling the impact of inflation this year, find creative ways to cut back.
For example, you could align with Browning’s prediction by purchasing a second-hand costume, opt for DIY Halloween décor and wait for candy to go on sale before buying. This can help you enjoy the most ghastly day of the year, instead of feeling spooked by inflation.
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This article originally appeared on GOBankingRates.com: How Will Inflation Impact Your Halloween Spending in 2023?
