Hocus Pocus: Savings Focus

CIT Bank reveals Halloween spending trends and savings strategies

Halloween will look different this year, but many still plan to celebrate according to CIT Bank’s 2020 Halloween survey conducted by The Harris Poll. Of those who usually celebrate the holiday, 67% plan to do so this year.

The pandemic has a clear impact. For adults planning to celebrate this year, 39% are more likely than last year to stay in and watch scary movies and 30% are more likely to decorate their homes/yards. About half are less likely than last year to host/attend an in-person party (54%) or go trick-or-treating (51%). But while there may be fewer trick-or-treaters, people are still preparing to be ready for those who do—42% say they are just as likely as they were last year to hand out candy this year.

These are some of the key findings from the third iteration of this survey, which measures consumer spending and savings trends across generations and the country.

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“During holidays, like Halloween, consumers tend to think more about spending than saving,” said Ravi Kumar, head of CIT’s direct bank. “As a result, there’s no better time to evaluate your budget and strategize your savings goals.”

While some consumers expect to spend less on Halloween this year (39%), around 2 in 3 (66%) are willing to make trade-offs to save money on Halloween. Buying candy in bulk/from a discount store (47%), making or reusing a costume/swapping with friends (34%) or creating homemade decorations (25%) are the ways they’re willing to take action to save.

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Adults plan to spend the most, on average, on yard/home décor ($39), costumes for the family ($32) and candy ($31). Though people see costumes as one of the most popular ways to celebrate, they’re spending roughly half of what they spent on costumes for their family last year ($60). Meanwhile, thankfully, average candy spending has remained relatively consistent ($33 in 2019).

By region, the Northeast and Midwest plan to spend the most, on average, on yard/home décor ($56 and $34respectively), the South on candy ($41) and the West on costumes for their family ($48).

“Having a smart savings strategy in place can help provide peace of mind during a season where there are usually more splurges and spending expenses,” continued Kumar.

CIT Bank’s Money Market account can make it easier to prepare for holiday spending, as it offers a way to grow savings while maintaining access to funds. It’s an FDIC-insured, flexible and accessible account that can be used for building up a financial safety net for emergencies or saving for short- or long-term goals.

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