Americans Adjust Halloween Budgets As Chocolate Prices Surge

Americans may love Halloween, but this year, many are cutting back on how much they spend to celebrate it.

A new survey by financial services firm Empower, commissioned through Talker Research, found that more than half of Americans (57%) say rising chocolate prices are forcing them to rethink how much they spend on candy this Halloween.

The poll of 2,000 U.S. adults revealed that the average person expects to shell out $296 on the holiday — covering everything from candy and costumes to décor and entertainment — while younger generations are spending far more. Millennials plan to spend an average of $522, and Gen Z $435.

Despite the growing costs, Halloween remains a sentimental favorite for many: 51% of respondents named it one of their favorite holidays, and 57% said the memories they make with friends and family on Oct. 31 are priceless.

But even those fond feelings arent immune to financial strain. Half of respondents (52%) said theyre cutting back on Halloween spending due to inflation, though 39% still admit they overspend each year — particularly millennials (52%) and Gen Z (48%).

The social pressure to spend is real, too. More than half (54%) believe parents today feel pressured to spend more on Halloween than past generations, and 31% said they spend beyond their means after seeing friends or family do the same.

“Some consumers may be ghosting chocolate this Halloween as prices creep higher. Trick-or-treat spending offers a peek into how pricing pressures are shifting budgets and filtering into the smallest traditions,” said Rebecca Rickert, head of consumer insights at Empower.

Most shoppers start their Halloween prep in September (39%) or October (43%), though more than a quarter of millennials (26%) begin as early as August. Forty percent said they look forward to Halloween shopping more than shopping for other holidays — a figure that jumps to 61% among millennials and 56% among Gen Z.

To save money, many are finding creative ways to celebrate. About 22% plan to reuse or recycle costumes from previous years, while another 22% will shop at thrift stores or discount retailers. One in five (20%) said they prefer to make DIY costumes at home.

Younger generations continue to spend on extras, however: 23% of Gen Z and millennials plan to buy costumes for their pets, and about one in four will use AI tools to find deals on candy, décor, or costumes — or even to generate costume ideas. More than one in five millennials also said theyll use AI to plan fall or Halloween-themed travel.

While budgets are tighter, experiences still take priority. Nearly half of respondents (45%) said theyd rather spend money on activities like trips or parties than decorations. Top Halloween experiences include visiting pumpkin patches or harvest festivals (31%), attending Halloween parties (23%), and exploring haunted houses or theme parks (21%).

Some plan to take their spooky celebrations on the road: 28% of Gen Z and 27% of millennials said theyll visit haunted or historic towns like Salem or Sleepy Hollow, compared with just 17% of Gen X and 4% of baby boomers.

The average Americans Halloween budget breaks down to $59 for candy, $56 for childrens costumes, $46 for adult costumes, $33 for pet costumes, $52 for decorations, and $51 for parties or entertainment — a reminder that even a night of frights can take a bite out of the wallet.