Millennials’ Halloween spending rises

October 29, 2017 at 12:00a.m.

PRNewswire

PASADENA, Calif.

CIT Bank, CIT Group’s national online bank, has announced the results of its Harris poll showing that millennials are splurging on Halloween items.

Millennials expect to spend 21/2 times more than Gen Xers and 8 times more than boomers on Halloween-related items. Just 38 percent of millennials say they are preparing for retirement, falling behind Gen Xers (62 percent) and boomers (48 percent).

“Millennial consumers continue to demonstrate how they value experiences and are spending and saving accordingly,” said Ravi Kumar, head of Internet Banking at CIT Bank. “From costumes to parties, Halloween is all about enjoying the moment and has become one of the most popular celebrations for those between the ages of 18-36.”

With the average millennial spending $183 on Halloween, an estimate of $15 billion in spending is expected. The average consumer expects to purchase a total of $80 on Halloween goods this year.