Halloween celebrations have traditionally been reserved for our neighbours across the pond but with spending costs rising year-on-year, the UK is on track to become the next biggest market for the hair-raising holiday.
From decorations and pumpkins to costumes and food, we’re spending millions on items that, more often than not, are only on display for a couple of days before being stashed away for another year.
In this blog, we’ll outline how much we, as a nation, spend on Halloween, how our spending habits have changed over the years and whether this is a trend that will continue amidst the ongoing cost of living crisis.
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How much money are we spending?
According to the latest figures from Finder.com, Halloween spending in the UK is on track to total £687 million this year, up a massive £87 million from last year’s £600 million.
This marks a significant shift in seasonal spending with the UK as a whole reportedly spending a measly £12 million in 2001 and this figure rising year-on-year in the years since.
2020, understandably, saw a dip in the amount of people celebrating the holiday but with most social events back to business as usual, spooky spending is expected to reach an all-time high this year with most people’s social calendars already packed with frighteningly-fun plans.
The UK is still far behind the USA, which is predicted to spend over $10.6 billion this year, but with spending back to rising year-on-year, participation in the holiday has well and truly returned to pre-pandemic levels.
What are we spending the most money on?
Halloween used to mean just spending a couple of pounds on a pumpkin to be plonked on your doorstep but, over the years, we have not only increased the amount of money we are spending but the amount of things we are buying.
For example, a recent survey by Mintel found that seasonal sweet sales have skyrocketed with 40% of people choosing to spend more than ever before on treats for trick-or-treaters and 10% splashing the cash on themed food and drink items.
However, the same research also suggested that pumpkin sales were falling and that only 20% of people plan to purchase a pumpkin. This comes after research suggested that that a staggering 14.5 million pumpkins are left to go to waste in the UK every year.
The amount of money spent on costumes is also on the decline with only 15% of people planning to go all out and don a creepy costume and most choosing to recycle old costumers or get creative and make their own.
Where are we shopping?
The rise of online shopping in the last decade has led to greater convenience and, more importantly, greater savings and this has made it easier than ever before for people to make impulse purchases without even thinking about it.
For example, according to a recent study, 35.2% of people take to the internet for their freaky finds whilst only 30% still shop in-store with social media playing a significant role in influencing people to splash the cash on the latest and greatest decorations and costumes.
However, clothes are one of the few items that people still flock to the shops for with 37.1% admitting to getting their creepy costumes from the supermarket and 9.5% preferring to get their scare-worthy wares from independent fancy dress shops.
Who is spending the most money?
According to BEAM, the group that spent the most money on Halloween last year was parents of children under the age of five with 85% of this group splashing the cash on their kids.
This was closely followed by young millennials with 77% of this group admitting to going all out and splurging on costumes and confectionary for the occasion.
Halloween is still viewed as nothing more than a commercial opportunity by 63.2% of people in the UK but with the country expected to spend over £777 million on tricks and treats next year, it’s clear more people are embracing the holiday and getting into the spooky spirit.
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