Muncie, In. — Steve Horwitz, an economics professor, at Ball State University, says spending by Americans on Halloween-related items is a sign of the nation’s growing prosperity across income levels.
“We are simply much wealthier than we used to be and we spend a significantly smaller percentage of our income on food, clothing, and shelter than did our parents or grandparents,” he said. “This leaves us much more to spend not just on the new gadgets they didn’t have, but everything from Halloween to Valentine’s Day to bar mitzvahs, birthdays and barbecues.”
A new report from the National Retail Federation says that total spending for Halloween is expected to reach $9 billion this year. Consumers are planning to spend an average of $86.79, up from last year’s $86.13, with more than 175 million Americans planning to partake in Halloween festivities.
“If we calculate the costs of goods and services in terms of the number of hours the average American has to work to afford them, almost every basic household necessity is far cheaper than even 30 or 40 years ago,” Horwitz says. “With the basics so much more affordable, we have income left for what used to be luxuries. Going for the full Halloween celebration, incredible complex decorations for Christmas or elaborate birthday or graduation parties is simply more within reach of more Americans than ever before.”
