NEW YORK, Oct. 23, 2019 /PRNewswire/ -- When it comes to spending on Halloween costumes, candy and decor, U.S. consumers in the West and Midwest outpace their Northeastern and Southern counterparts according to CIT Bank's 2019 Halloween Survey conducted by The Harris Poll1.
The results of the third annual survey launch today and measure consumer spending and saving trends across the country.
"With holiday spending now in full swing, we're seeing consumers splurging on festivities," said Ravi Kumar, head of CIT's direct bank. "Halloween is one of the most popular holidays in the U.S., so preparing ahead of time is a wise strategy to stay on top of expenses."
Western states, in particular, expect to spend nearly twice as much as other regions on party and home décor, $105.40 versus less than $60 elsewhere. Midwestern states plan to spend the most on family costumes and candy, $79.70 and $40.20 respectively. Across all categories, Southern states anticipate spending the least.
Spooky Spending by Gender
Of those who plan to spend on Halloween candy, costumes and décor, men expect to spend nearly twice as much as women, an average of $243.80 compared to $134.08. This year, men plan to spend an average of $177.40 on family costumes versus $87.90 by women.
Curbing Halloween Costs
Halloween spending doesn't have to break the bank. The good news is many are willing to find ways to celebrate without letting spending go overboard. For example, the majority of consumers would buy candy in bulk or from a discount store, and over a third would reuse a costume or make their own decorations.
Savvy Saving Strategies
Consider how you can stay ahead of holiday related costs by saving ahead of time. CIT Bank's newest digital savings product Savings Builder is designed to reward consistent savers and provides a higher rate for those who make a deposit of at least $100 on a monthly basis.
"By stashing away just $100 a month, consumers can focus on enjoying the upcoming season and ease seasonal financial burdens during the holidays," continued Kumar.
Learn more about CIT Bank's 2019 Halloween Survey and how to establish smart savings strategies here.
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience, approximately $50 billion in assets as of Sept. 30, 2019, and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, real estate financing, equipment financing, factoring and railcar financing. CIT's consumer banking segment includes its national online bank, CIT Bank, and a Southern California branch bank, OneWest Bank, a division of CIT Bank, N.A. Discover more at cit.com/about.
1 The survey was conducted online within the United States by Harris Poll on behalf of CIT between October 8 – 10, 2019 among 2,027 U.S. adults ages 18 and older. Figures for age, sex, race/ethnicity, education, region, household income, marital status, employment, and household size were weighted, where necessary, to bring them into line with their actual proportions in the population. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. Regions follow U.S. Census Bureau definitions.
SOURCE CIT Group Inc.