Financial terror: Halloween's high prices in 2024

The Halloween 2024 season came with a spookier scenario than in previous years, largely due to inflation. With bags of candy costing $20, many Americans tightened their budgets, leading some to forgo celebrating the holiday altogether.

A recent Halloween and Costume Association study, conducted by Harris Poll, surveyed 2,090 adults nationwide, and revealed that 53% of consumers said price hikes would influence their total Halloween purchases.

On the other hand, the association stated that "Inflation seems to be casting a chilling spell over holiday fun for some, with 26% of Americans saying they plan to spend less on Halloween compared to last year."

59% of consumers cut back on spending

Another survey, conducted by LendingTree, revealed that 59% of consumers cut spending on decorations, candy and other holiday items. Another 28% said they went into debt in previous years for Halloween purchases and 17% anticipate incurring debt again this year.

Matt Schulz, credit analyst at LendingTree, explained, "Even though we're clearly past peak inflation, prices are still high and people are still struggling with them (...) When those struggles happen, difficult decisions often have to be made and sometimes you even have to hold back on doing things you love, such as celebrating Halloween."

The National Retail Federation (NRF) estimated that total Halloween-related spending in 2024 will reach $11.6 billion, including $3.5 billion for candy and $3.8 billion for costumes and decorations. The figure is still above pre-pandemic levels.

Katherine Cullen, NRF vice president of consumer insights, said that "this year's spending fits within a broader trend of consumers continuing to prioritize what's important to them, including essentials and vacations."

30% increases compared to last year

Analyst Edgar Dworsky, founder of Consumer World, reported that the cost of basic candy, such as in-store Halloween bags, has risen significantly, reaching prices as high as $5.99. According to Dworsky:

"Target's lowest price on Halloween candy bags is now $5.99 (...) That's not low to me. And I've seen unit prices of more than $9 a pound, with more than 50 cents an ounce being common."

These increases are also reflected in Amazon prices, where candy corn and other non-chocolate options are down slightly, while Twix bars and gummy bears are up 30% compared to last year.

Tom Arnold, professor of finance at the University of Richmond explained, "The thing to remember is that prices will rise to offsetincreases in labor and material costs, but prices will also rise because consumers are willing to accept higher prices in an inflationary environment."