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Americans aren't spooked by Halloween spending, according to CIT Bank survey
Thursday, October 7, 2021 10:00 AM

NEW YORK, Oct. 7, 2021 /PRNewswire/ -- After the pandemic halted many holiday celebrations and gatherings last year, Americans are excited to safely get back to their favorite Halloween traditions in 2021, according to CIT Bank's latest Halloween survey conducted by The Harris Poll. Expectations are on the rise, with more than a third (36%) of Americans expecting Halloween this year will be more fun than last.

Sixty-five percent of Americans plan to celebrate Halloween this year, while an additional 11% of people who usually celebrate are planning to sit this year out. Of Americans planning to celebrate, 37% say they will be trick-or-treating, 35% say they will be attending an in-person party with family/friends, and 22% say they will attend a public event such as a haunted house or wagon ride. Virtual parties aren't nearly as popular – only 12% are planning to participate in a virtual Halloween party with family/friends.

Halloween Spending & Saving

The holiday's resurgence brings with it a wave of spending. Of those planning to celebrate Halloween this year, 36% plan to spend more money than last year, 38% plan to spend the same and just 18% plan to spend less.

Additionally, the average expected spending on Halloween-related items is up across the board. Consumers plan to spend more, on average, compared to 2020:

  • Costumes (for self, family, or pet): 49% increase
  • Party (virtual or in-person): 76% increase
  • Home or yard decor: 21% increase
  • Candy: 10% increase

"While it's easy to get lost in the excitement around the holiday, Halloween shouldn't be seen as a time to bypass your budgets," said Ravi Kumar, head of CIT's direct bank. "Consider how you can stay ahead of holiday-related costs by saving in anticipation of Halloween spending on candy, costumes and activities, and incorporate these expected costs into your monthly or annual budget."

Many Americans are planning ahead this year to avoid last minute shopping splurges. Nearly a month and a half before Halloween, 44% of those celebrating the holiday already had planned out their costume. Of Americans that plan to dress up, just 26% plan to buy a new costume and 74% are planning to save money on a costume by making their own, borrowing one, or re-using one.

"Don't be afraid to get creative with your savings strategy – whether that involves DIYing your costume, reusing decorations or swapping décor and costumes with friends and family," continued Kumar. "By developing a strategy to alleviate any concerns about overspending, consumers can focus their time on safely enjoying the holiday and avoid any stressful unplanned expenses."

CIT's Savings Connect is a digital savings account that can make it easier to prepare for Halloween and other holiday spending as it offers a streamlined banking experience with digital convenience to help customers develop consistent savings habits. For more information on Savings Connect, visit our website.

See more from CIT Bank's 2021 Halloween survey and learn how to establish smart savings strategies in this infographic.

About CIT
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 and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT's consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about.

About the Survey
This survey was conducted online within the United States by The Harris Poll on behalf of CIT Group from Sept. 16-20, 2021 among 2,075 U.S. adults ages 18 and older. 

MEDIA RELATIONS:
Lexa Tutela
212-461-5305
Lexa.Tutela@cit.com

SOURCE CIT Group Inc.