Halloween Spending Hits Record $13.5 Billion — and Pushes 1 in 4 Into Debt

Americans will spend a record $13.5 billion on Halloween this year, according to the National Retail Federation — and nearly one in four celebrators, 24%, expect to go into debt to do it.

That's the tension defining this holiday season: a headline spending record, up from $13.1 billion a year ago, sitting on top of households that are cutting corners everywhere else. A separate LendingTree survey of 2,000 U.S. adults found 61% are skipping candy, costumes, or decor because of economic uncertainty.

Who's Borrowing for Halloween?

The younger the consumer, the more likely they are to finance October 31 with debt. Gen Zers lead at 43%, followed by parents with children under 18 at 40% and millennials at 35%, per LendingTree. Only 14% of Gen Xers and 2% of baby boomers expect to borrow.

"Gas prices are up, food prices remain elevated, there's lots of uncertainty, so I think what people are doing is trying to really make the best of it," Neil Saunders, managing director and retail analyst at GlobalData, told Fortune. "There's definitely a prioritization of spending for these little indulgent moments."

That's the "little treat economy" at work. Consumers are forgoing what Saunders called "more disposable" purchases — skulls and pumpkin decor — and redirecting the money toward items with emotional value, like kids' costumes.

"It's really important to make the kids feel good, so that's an area where consumers will often splash out a bit," he said.

What Does This Change for Retailers?

Parents are the spending engine. LendingTree puts their expected Halloween outlay at $269 per household, versus $162 across all consumers. And 58% of parents plan to spend more than last year, ahead of 52% of Gen Zers and 49% of millennials.

For brands, that means the money follows sentiment, not decoration aisles. Social media compounds the effect: 43% of respondents said it pushed them to spend more on Halloween than they otherwise would — including 74% of Gen Zers, a cohort already prone to financial FOMO.

There's a hangover risk, though. More than half — 51% — of those who previously took on Halloween debt said they regretted overspending, citing pressure to keep up with the Joneses and higher-than-expected prices.

Record Total, Flat Per-Person Spending

Here's the catch inside the record number. NRF expects per-person spending of $115.14 this year, up just 69 cents from last year. LendingTree's respondents expect to spend $162 on average, down 16% from $192 a year ago.

So the total grows, but the individual isn't splurging. They're managing. LendingTree found 85% of Halloween spenders are taking at least one step to save — buying fewer items or setting hard spending limits.

"Consumers continue to make Halloween a spending priority, but they are also approaching the season with affordability in mind," Allison Zeller, NRF's vice president of industry and consumer insights, said.

Earlier Shopping, Discount Destinations

Consumers are also stretching the calendar. Nearly half of Gen Z respondents — 48% — began shopping in September, according to PwC's survey of 2,028 adults. Across all generations, 49% started Halloween shopping in September or earlier, versus just 34% a decade ago, per NRF.

Where they shop has shifted too. Discount stores are the top destination, with 39% of shoppers planning to visit, followed by specialty stores like Spirit Halloween.

The practical takeaway for retailers and budget-strapped consumers alike: the $13.5 billion record reflects resilience, not confidence. Households are protecting a small, emotionally loaded slice of spending — kids' costumes, a night of festivity — while trimming everything around it, and a quarter of them are paying interest to keep that slice intact.