ST. PETERSBURG, Fla. — The tradition of Halloween is ever-evolving. Consumers are expected to spend $8.8 billion on costumes, decorations, and candy this year according to the National Retail Federation.
A recent study from CompareCards by Lending Tree is showing that one generation is leading the rest on money spent on the holiday.
Millennials reported that they'll spend more on Halloween than any other holiday this year in a new study. Forty-eight percent of millennials surveyed reported that they've bought a Halloween item for the sole purpose of including it in a social media post.
The study questioned 1,500 people online and looked at Gen Z, Gen X, Baby Boomers, and the Silent Generation along with millennials.
Millennials spending more on Halloween items to impress their social networks is in line with studies that show that generation is apt to spending money based on social media interactions.
In Schwab's 2019 Modern Wealth Survey, 48 percent of millennials spent more money than they could afford to participate in experiences with friends and 49 percent said they are influenced by social media to spend money on experiences.
Both the CompareCards report and the NRF show that overall, men tend to spend more on Halloween than women. According to the study, men are more likely than women to buy those items for social media and to be guilted by their kids into buying Halloween swag.
The report also says that four in 10 millennials feel "a lot" of pressure to spend on Halloween, while one in four members of the other generations surveyed feel that same pressure.
NRF reports that social media influencers are affecting what costumes people choose this year and that men and women have different preferred social media sites for where they get their inspiration. Their survey showed that women like Pinterest while men prefer YouTube.
According to NFR, Pinterst is the most popular place to go for Halloween ideas, followed by Facebook, Youtube, Instagram, and Twitter.
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