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.