Homebuyers have plenty to be scared of this spooky season, with mortgage rates at two-decade highs and home prices breaking new records, sending affordability to bone-chilling lows.
But current homeowners have their own fears to overcome this Halloween.
Homeowners planning to feed Trick-or-Treaters this year are facing a surge in candy costs thanks to bad weather in China, India and Thailand. The price of sugar and sugar substitutes was up 7.7% YOY in September, while candy and chewing gum saw a 7.5% annual surge. This is well above the 0.2% increase for food overall.
With inflation ravaging wallets this year, 40% of Americans say higher costs will affect how much candy they buy.
Even so, Americans are projected to spend $3.6 billion dollars on candy this year, an all-time high and up almost 14% from last year’s $3.1 billion.
Those planning to decorate their homes will shell out even more, pushing total Halloween sales projections over $12 billion. This is partly thanks to an increase in the number of shoppers who plan to participate this year, up to 73% of American adults, a record high, compared to 69% in 2022.
Of those who plan to cut back on candy spending, half said they will put the money they save into other holiday items like decorations and costumes.
“More Americans than ever will be reaching into their wallets and spending a record amount of money to celebrate Halloween this year,” Matthew Shay, President and CEO of the National Retail Federation, said.
“Consumers will be shopping early for festive décor and other related items and retailers are prepared with the inventory to help customers and their families take part in this popular and fun tradition.”
Homeowners facing financial challenges this month can save money with DIY decorations like paper-cut silhouettes, mason jar luminaries, and cardboard headstones.