Candy, creepy costumes and devilish demons are likely to be part of the Halloween experience this year more than ever before, according to a new survey.
In fact, parents are beginning to overcompensate for the lack of life that most Americans have been able to live due to the COVID-19 pandemic, which hit the U.S. in March.
A survey by LendingTree revealed 3 in 4 parents with children under 18 admit they’re planning to spend more for the frightful night than they should because their youngsters have missed out on other holidays this year, including festivities for Memorial Day, Independence Day and Labor Day.
The survey shows 71% of parents increased their spending for the pagan holiday Halloween this year. In addition, more than a third of consumers (34%) say they signed up for a new streaming service purely for Halloween content while 38% of consumers have purchased Halloween items specifically for social media this year. The survey also showed men (57%) are 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 Matt Schulz, LendingTree’s chief credit analyst. “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.”
But LendingTree officials recommended parents make a budget for Halloween, get crafty and shop smart. To avoid impulse buys, LendingTree suggested parents think about how much money they reasonably can spend on the hair-raising, hocus-pocus holiday and the items they definitely want to purchase. From there, prioritize the purchases based on the list.
The survey shows 47% decorated earlier for Halloween this year and more than 1 in 5 people bought new decorations.
LendingTree also suggested that people look around their house and find costume pieces that can be reused from previous years so their children can walk their neighborhoods dressed as witches, warlocks and werewolves. In addition, handmade decorations could be a fun activity for children of all ages.
Shopping smart was another recommendation from officials at LendingTree who suggested shopping for Halloween items the day after the holiday to pick up discounted merchandise that can be used next year.
Halloween 2020 will occur on Sat., Oct. 31. The tradition originated with the ancient Celtic festival of Samhain when people would light bonfires and wear costumes to ward off ghosts and evil spirits.
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.