If you think Halloween is just a holiday for children you would be dead wrong. Millennials are spending on this holiday like it is their actual job according to new data.
A new Harris Online poll of 2,000 people found that millennials are vastly outspending both Gen X and Baby Boomers when it comes to costumes, candy, decor and other random Halloween-related items. The average 18 to 36-year-old is spending about $183 compared to $70 for Gen X and $23 for Boomers.
On costumes alone, millennials are spending up to $66 and keep in mind that many of these people don't even have children.
So why all the cash? Similar to why millennials spend so much money on travel, the spectacle of a fun Halloween party or scavenger hunt or really amazing costume all contribute to a worthwhile experience and that is what millennials are after. This is the economy where experiences are the currency and in this case, it is making sure you have the perfect Cher costume from top to bottom.
The only area of Halloween where millennials may spend a little less than other generations is on candy. LendEDU says the average American will spend $61.80 on candy this year but the Harris/CIT poll puts that number at $38 for millennials. And when you think about, that's still a lot of money to spend on mini Kit-Kats.
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