Nearly 3 in 4 Parents to Spend More This Halloween To Help Make up for Lousy 2020

Rhea-AI Summary

According to a LendingTree survey, nearly 71% of parents with children under 18 plan to increase their Halloween spending this year, aiming to compensate for lost celebrations due to the COVID-19 pandemic. Over half of Americans, 54%, have previously overspent on Halloween, primarily for decoration competition. Additionally, 34% of consumers subscribed to new streaming services for Halloween content, and 38% purchased Halloween items for social media purposes. These findings highlight the significant emotional and financial impact of 2020 on holiday spending habits.

Positive

• 71% of parents with kids under 18 are increasing Halloween spending to offset lost celebrations.
• 54% of Americans have overspent on Halloween in the past, indicating a trend in consumer behavior.
• 34% of consumers signed up for new streaming services for Halloween content, suggesting increased consumer engagement.
• 38% of consumers are buying Halloween items for social media, showing a shift in marketing opportunities.

Negative

• None.

CHARLOTTE, N.C., Oct. 26, 2020 /PRNewswire/ -- Can going overboard on Halloween make up for a less-than-spectacular year? Probably not, but according to a new LendingTree survey, most parents are going to give it a try.

The survey reveals that nearly 3 in 4 parents with kids under 18 say they're planning to spend more on this Halloween in part because their kids have already missed out on so many other celebrations in 2020 because of the COVID-19 pandemic.

For many, however, it won't be the first time going overboard on Halloween. More than half of Americans admit to spending more than they can afford on the holiday at some point in the past.

Full report: https://www.lendingtree.com/credit-cards/halloween-spending-report-2020/

Key findings:

• Nearly 3 in 4 (71%) parents with kids under 18 said they're spending more on Halloween this year because their kids have already missed out on so many other celebrations in 2020.
• More than half (54%) of Americans admit to spending more on Halloween than they can afford at some point in the past. The most common reason: They wanted their decorations to look as good as their neighbors'.
• More than a third of consumers (34%) say they signed up for a new streaming service purely for Halloween content.
• 38% of consumers have purchased Halloween items specifically for social media this year, and men (57%) are far more likely to have done so than women (18%).

"I think it is safe to say that 2020 has been a stressful year for most Americans. The toll that the coronavirus crisis has taken on the country's physical, emotional and financial health has been nothing short of staggering," said LendingTree's Chief Credit Analyst, Matt Schulz. "Between remote learning, social distancing measures, cancelled vacations, and fewer extracurriculars,  parents and children alike have faced a lot of disappointment and unexpected difficulties in 2020. With the uncertainty around Halloween and Trick-or-Treating, it makes sense that parents want to go above and beyond to make the holiday season extra-special, for both their children and themselves."

To help offset some of the year's disappointments and cancelled celebrations, our survey shows that many parents are looking to Halloween to help create a much-needed bright spot in an otherwise dark year.

To view the full report, visit: https://www.lendingtree.com/credit-cards/halloween-spending-report-2020/

Methodology
LendingTree commissioned Qualtrics to conduct an online survey of 1,034 consumers in the U.S., with the sample base proportioned to represent the overall population. The survey was fielded Oct. 2-6, 2020.

About LendingTree
LendingTree (NASDAQ: TREE) is the nation's leading online marketplace that connects consumers with the choices they need to be confident in their financial decisions. LendingTree empowers consumers to shop for financial services the same way they would shop for airline tickets or hotel stays, comparing multiple offers from a nationwide network of over 500 partners in one simple search, and can choose the option that best fits their financial needs. Services include mortgage loans, mortgage refinances, auto loans, personal loans, business loans, student loans, insurance, credit cards and more. Through the My LendingTree platform, consumers receive free credit scores, credit monitoring and recommendations to improve credit health. My LendingTree proactively compares consumers' credit accounts against offers on our network and notifies consumers when there is an opportunity to save money. In short, LendingTree's purpose is to help simplify financial decisions for life's meaningful moments through choice, education and support. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information, go to www.lendingtree.com, dial 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree

MEDIA CONTACT:
Morgan Lanier
morgan@lendingtreenews.com

View original content to download multimedia:http://www.prnewswire.com/news-releases/nearly-3-in-4-parents-to-spend-more-this-halloween-to-help-make-up-for-lousy-2020-301159705.html

SOURCE LendingTree.com

FAQ

What percentage of parents are increasing their Halloween spending in 2020?

71% of parents with children under 18 are planning to spend more on Halloween.

Why are parents increasing Halloween spending this year?

Parents are increasing spending to make up for lost celebrations during the COVID-19 pandemic.

What proportion of Americans have overspent on Halloween in the past?

More than 54% of Americans admit to overspending on Halloween at some point.

How many consumers signed up for new streaming services for Halloween content?

34% of consumers signed up for new streaming services specifically for Halloween content.

What are consumers purchasing Halloween items for?

38% of consumers purchased Halloween items specifically for social media.