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The research also found that more than half of Brits (56%) are planning to make a Halloween-related purchase this year, with an average spend of £36 each.
Generation Z (aged 18-26) are the big spenders when it comes to Halloween, with almost 9 in 10 members of this group (87%) planning to spend an average of £46 each on celebrations, decorations and costumes.
Millennials are not far behind their younger peers, with three-quarters (76%) planning to spend an average of £41 each.
However, there is less enthusiasm for Halloween among the older generations, as just 12.5% of the silent generation are planning to spend an average of £25.50 each.
Similarly, just 28% of baby boomers are expecting to make a spooky purchase this year, with an average spend of just £17.
Regions
7 in 10 Londoners (72%) are expecting to spend money on Halloween this year, whether that’s celebrations, decorations or costumes. They are planning an average spend of £49.50 each, 38% higher than the national average of £36.
Meanwhile, those in Scotland and Northern Ireland are expecting to be far more frugal when it comes to Halloween. In Scotland, less than half of people (47%) will be spending on Halloween, and the average spend is £34.
Two-thirds (68%) of people in Northern Ireland plan to spend on Halloween, but the average spend is just under £30.
The planned Halloween spending of over £1bn is 38% more than Finder’s original projection of £777m based on past spending, and suggests that the UK is ready to embrace the spooky season this year.
However, many Brits are still hoping to keep costs low when celebrating Halloween. Finder’s research also found that two-thirds of Brits (67%) plan to spend less than £20 or nothing at all.
Commenting on the findings, Liz Edwards, editor-in-chief at finder.com, said: ”While the headline spending figure of £1 billion was higher than estimates based on previous years, there are signs that not everyone is up for a Halloween splurge – 2 in 3 said they planned to spend either nothing or less than £20.”
“Internet searches for Halloween phrases this year include the names of discount supermarkets, suggesting that households are watching their Halloween budget.”
Meanwhile, media intelligence platform Carma has undertaken an analysis of the products, brands and content themes that have been dominating Halloween in the media and driving the big spend increase this month:
Its data and insights show:
- Galaxy has beaten Cadbury 95 to 37 for the title of ‘most mentioned chocolate’ this Halloween season.
- Over 604,000 TikTok views have been on the hashtag #HalloweenRecipe in the last 30 days alone.
- ‘Shrinkflation’ was mentioned 492 times over the past month as consumers called out retailers for shrinking their shops.
- As Brits hunt for cheaper alternatives, articles on dupe Halloween products have received 4.4 million impressions and Google searches for the term ‘Halloween deals’ peaked on the 13 of October.
- Dupes of popular products, bargain buys, money-saving deals and spooky launches have received high mentions this year, matching Britain’s cost concerns.
- Trending media content focuses on spooky recipes, with people turning to TikTok for DIY food tips.
- Despite predicted record spending levels, shrinkflation has shadowed Halloween content with prices increasing and product sizes getting smaller.
Are you stocking the right products for Halloween? READ Get into the spirit | In focus: Halloween
