Parents and Gen Zers Most Likely to Overspend on Halloween This Year

Rhea-AI Summary

LendingTree surveyed over 2,000 Americans regarding their Halloween spending plans amid the pandemic. 75% of respondents intend to spend on the holiday, primarily on candy (53%), pumpkins (24%), and costumes (20%). Notably, 24% of parents plan to overspend, with 47% citing their children's happiness as motivation. Gen Z is also projected to spend significantly, with 57% planning to splurge, driven by FOMO (29%). The survey indicates that 32% of Americans will celebrate by watching scary movies and buying treats.

Positive

• 75% of Americans plan to spend on Halloween, highlighting consumer confidence.
• Popular spending categories include candy (53%), pumpkins (24%), and decorations (22%).
• Gen Z's willingness to spend (57%) indicates strong market engagement among younger consumers.

Negative

• 24% of parents with kids under 18 plan to overspend, which may lead to financial strain.
• 12% of respondents are opting out of Halloween due to ongoing COVID-19 concerns.

CHARLOTTE, N.C., Oct. 19, 2021 /PRNewswire/ -- LendingTree asked over 2,000 Americans about their Halloween spending plans, including whether or not they think they'll go into debt for Halloween-related expenses, if they plan to skip on spending money on the holiday this year due to the pandemic and what they plan to buy if they're splurging.

Key findings

• 75% of Americans will spend money on Halloween this year. The most common purchases include candy (53%), pumpkins and carving supplies (24%), outdoor decorations (22%) and costumes for kids (20%).
• 24% of parents with kids under 18 will spend more than they can afford, and 41% are planning a special splurge. Their primary reason for overspending is to make their children happy (47%).
• Gen Zers will also spend big for Halloween, with 57% splurging and 23% spending more than they can afford. That generation's main motivator was fear of missing out (29%).
• Social media is another big motivator for Halloween spending. Gen Zers (60%), parents of kids under 18 (52%) and women (41%) all say they buy Halloween-related items in order to include them in social media posts.
• Watching a scary movie and buying Halloween treats are the top two ways Americans will celebrate the holiday (both 32%). On the other hand, 12% say they won't partake in Halloween due to COVID-19.

"Throughout the pandemic, we've heard of people going above and beyond when it comes to holidays and other events to make up for how crummy the last couple of years have been," said Matt Schulz, LendingTree's credit card expert. "Don't let your big Halloween blowout turn into debt, though. One evening of fun isn't worth it if it is followed by months of debt."

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

Methodology
LendingTree commissioned Qualtrics to conduct an online survey of 2,050 U.S. consumers from Sept. 23 to Sept. 30, 2021. The survey was administered using a nonprobability-based sample, and quotas were used to ensure the sample base represented the overall population. All responses were reviewed by researchers for quality control.

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 LendingTree platform, consumers receive free credit scores, credit monitoring and recommendations to improve credit health. 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

 

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SOURCE LendingTree.com

FAQ

What percentage of Americans plan to spend money on Halloween 2021?

75% of Americans intend to spend money on Halloween this year.

What are the most common Halloween purchases in 2021?

The most common purchases include candy (53%), pumpkins (24%), and outdoor decorations (22%).

How many parents plan to overspend for Halloween 2021?

24% of parents with kids under 18 plan to spend more than they can afford.

What motivates Gen Z's spending for Halloween?

57% of Gen Zers plan to splurge for Halloween, primarily motivated by fear of missing out (29%).

What are the top ways Americans will celebrate Halloween?

Watching a scary movie and buying Halloween treats are the top ways, both at 32%.