Hocus Pocus: Savings Focus

Rhea-AI Summary

According to CIT Bank's 2020 Halloween survey by The Harris Poll, 67% of adults celebrating Halloween still plan to participate in festivities despite the pandemic. Key findings reveal a shift in celebration behaviors: 39% will stay in for scary movies, 54% are less likely to attend parties, and 42% will hand out candy. While 39% anticipate spending less, 66% are willing to make trade-offs for savings, opting for bulk candy and homemade decorations. Average spending is projected at $39 for décor, $32 for costumes, and $31 for candy, with costumes seeing a drop from $60 last year.

Positive

• 67% of surveyed adults plan to celebrate Halloween, indicating consumer engagement.
• 66% are willing to make spending trade-offs, showing a proactive approach to savings.

Negative

• 39% of consumers expect to spend less on Halloween this year.
• 54% are less likely to host or attend in-person parties, reflecting decreased social interaction.

NEW YORK, Oct. 26, 2020 /PRNewswire/ -- Halloween will look different this year, but many still plan to celebrate according to CIT Bank's 2020 Halloween survey conducted by The Harris Poll. Of those who usually celebrate the holiday, 67% plan to do so this year.

The pandemic has a clear impact. For adults planning to celebrate this year, 39% are more likely than last year to stay in and watch scary movies and 30% are more likely to decorate their homes/yards. About half are less likely than last year to host/attend an in-person party (54%) or go trick-or-treating (51%). But while there may be fewer trick-or-treaters, people are still preparing to be ready for those who do—42% say they are just as likely as they were last year to hand out candy this year. 

These are some of the key findings from the third iteration of this survey, which measures consumer spending and savings trends across generations and the country.

"During holidays, like Halloween, consumers tend to think more about spending than saving," said Ravi Kumar, head of CIT's direct bank. "As a result, there's no better time to evaluate your budget and strategize your savings goals."

While some consumers expect to spend less on Halloween this year (39%), around 2 in 3 (66%) are willing to make trade-offs to save money on Halloween. Buying candy in bulk/from a discount store (47%), making or reusing a costume/swapping with friends (34%) or creating homemade decorations (25%) are the ways they're willing to take action to save.

Adults plan to spend the most, on average, on yard/home décor ($39), costumes for the family ($32) and candy ($31). Though people see costumes as one of the most popular ways to celebrate, they're spending roughly half of what they spent on costumes for their family last year ($60). Meanwhile, thankfully, average candy spending has remained relatively consistent ($33 in 2019).

By region, the Northeast and Midwest plan to spend the most, on average, on yard/home décor ($56 and $34 respectively), the South on candy ($41) and the West on costumes for their family ($48).

"Having a smart savings strategy in place can help provide peace of mind during a season where there are usually more splurges and spending expenses," continued Kumar.

CIT Bank's Money Market account can make it easier to prepare for holiday spending, as it offers a way to grow savings while maintaining access to funds. It's an FDIC-insured, flexible and accessible account that can be used for building up a financial safety net for emergencies or saving for short- or long-term goals.

See more from CIT Bank's 2020 Halloween Survey and how to establish smart savings strategies in this infographic.

About CIT
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT's consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about.

About the Survey
This survey was conducted online within the United States by The Harris Poll on behalf of CIT Group from October 8-12, 2020 among 2,021 U.S. adults ages 18 and older. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated.

MEDIA RELATIONS:
Susan Fitzpatrick
(212) 461-7806
Susan.Fitzpatrick@cit.com

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SOURCE CIT Group Inc.

FAQ

What were the key findings of CIT Bank's 2020 Halloween survey?

The survey found that 67% of adults plan to celebrate Halloween, with shifts in spending and celebration behaviors due to the pandemic.

How much do adults plan to spend on Halloween in 2020 according to CIT Bank?

Adults plan to spend an average of $39 on home décor, $32 on costumes, and $31 on candy for Halloween 2020.

What percentage of consumers expect to spend less on Halloween this year?

39% of consumers expect to spend less on Halloween in 2020 compared to last year.

How has the pandemic affected Halloween celebrations according to CIT Bank's survey?

The pandemic has led to 54% being less likely to attend parties and 39% more likely to stay in and watch scary movies.

What strategies are consumers using to save money during Halloween?

66% of consumers are willing to make trade-offs, such as buying candy in bulk or making costumes, to save money this Halloween.