FORT WAYNE, Ind. (WOWO) — Halloween candy is getting a lot more expensive, with prices climbing 8.1% in a year, but Americans are still expected to spend more than four-billion dollars on treats as they prepare for trick-or-treaters.
The latest available figures from the Bureau of Labor Statistics showed prices for candy and chewing gum rose 8.1% in August compared with a year earlier. That’s more than twice the 3.4% increase in overall consumer prices during the same period.
According to a survey from the National Retail Federation, Americans are expected to spend four-point-one billion dollars on Halloween candy this year. Ninety-six percent of Halloween shoppers say they plan to buy candy, making it the holiday’s most popular purchase.
Overall Halloween spending is projected to reach 13-point-five billion dollars, up from 13-point-one billion last year, as consumers continue to make room in their budgets for costumes, decorations and treats despite higher prices.
The average shopper is expected to spend 115 dollars and 14 cents on Halloween purchases, only slightly more than the 114 dollars and 45 cents reported last year.
“Consumers continue to make Halloween a spending priority, but they are also approaching the season with affordability in mind,” said Allison Zeller, the National Retail Federation’s vice president of industry and consumer insights.
Shoppers are looking for ways to control costs as they stock up for October 31. More than a third of consumers surveyed said they would compare prices if Halloween merchandise cost more than expected, while just over a quarter planned to look for coupons or sales.
Nearly half said they planned to begin Halloween shopping in September or earlier, and 23% of those early shoppers said they bought items ahead of time to spread out their expenses.
Discount stores remain the most popular destination for Halloween purchases, attracting 39% of shoppers. Specialty Halloween stores ranked second at 32%, followed by online retailers at 27%.
The survey was conducted by Prosper Insights & Analytics from September 1 through September 9 and included 7,889 consumers.
Despite the jump in candy prices, the spending projections suggest Halloween remains a major priority for American households, with shoppers increasingly relying on sales, discounts and advance purchases to keep the cost of the holiday under control.
