Halloween is earning its reputation as one of the favorite – and most expensive - holidays of the year.
This year, U.S. holiday celebrants are expected to spend $3.6 billion on Halloween candy. That’s up from $3.1 billion, according to a new study from Scholaroo.
Related: Halloween Is Like Super Bowl Sunday for Hershey
Scholaroo, a college scholarship aid platform, also offers more stats for Halloween in 2023:
- Maryland has experienced the highest Halloween candy price change from 2020 to the present.
- Alaska has the smallest Halloween candy price change from 2020 to the present.
- On average, U.S. consumers will spend $108 on Halloween fun.
- Total Halloween spending, including candy, costumes, parties, and transportation, stands at just over $12 billion in 2023.
- Costumes will be the largest Halloween expenditure ($4.3 billion), followed by candy ($3.6 billion) and decorations ($3.9 billion).
More Retail:
- ‘Too pretty’ Home Depot worker faces backlash after viral mirror post
- A classic kitchenware brand files for Chapter 11 bankruptcy
- Who’s running The Gap? With no CEO, retailer hurtles towards crisis
It’s the price of candy that may terrorize Halloween consumers the most.
A quick glance at Halloween candy favorites this year reveals inflation has taken a toll on candy budgets.
Overall, the price of candy is up 13% in 2023, according to the U.S. Department of Labor. Experts say all the ingredients to manufacture a chocolate bar, for example (think cocoa, wrapping, and sugar, most of which is imported from overseas).
That’s impacting candy prices across the board.
For example, holiday favorite Reese’s Peanut Butter Cups are up 14% this year. Kinder Joy Chocolate Eggs are up 16% while the price of a Hershey’s Milk Chocolate Bar has soared 15%.
Let’s not forget licorice prices, which are up 22% in 2023, and toffee caramel, where prices have risen by over 12%.
As a result, 41% of US shoppers say inflation “will alter” their candy cost management in 2023, according to Advantage Solutions. The vast majority of that figure will simply buy less candy than usual, while others say they’ll live with the higher prices and will spend accordingly.
“The effect of surging prices and persistent inflation on Halloween shopper spending is undeniable,” said Andy Keenan, executive vice president, of retail services for Advantage Solutions. “While most Americans still plan to celebrate Halloween this year by dressing up and trick-or-treating, a significant number of shoppers indicate that rising prices will curb the amount of money they spend on candy, costumes, and decorations.”
Get exclusive access to portfolio managers and their proven investing strategies with Real Money Pro. Get started now.
