More and more households are tightening their purse strings when it comes to splashing out on Halloween costumes and sweets for trick-and-treaters, new research has found
Financial constraints amid the cost-of-living crisis are affecting how Britons are planning to celebrate Halloween.
New research has found only 35 per cent of shoppers feel they can afford Halloween expenses this year, with 20 per cent planning to cut back significantly compared to previous years. While 34 per cent intend to spend about the same, just 16 per cent anticipate spending more.
Although 45 per cent of consumers are planning to buy decorations, most will budget just £1 to £10 for this, showing they have tighter budgets. Meanwhile 59 per cent of shoppers planning to spend on sweets for trick-or-treaters, with 16 per cent are budgeting £5 to 10 for this.
The data, compiled by product intelligence business, Vypr, found 41 per cent of respondents said they wouldn’t buy sweets – willing to risk the dreaded egg door as children and teens flock to the streets in search of ‘treats’. This compares to 54 per cent of parents who won’t buy children’s costumes, and 60 per cent of people who won’t purchase any adult costumes.
Ben Davies, founder of Vypr, said: “Retailers which have extensive ranges of costumes and Halloween decorations this year could end up with considerable surplus stock due to the continuing nervousness of consumers to spend.”
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He added that there is also very low consumer confidence in the safety of Halloween costumes, with just 16 per cent of people completely trusting that shop bought costumes are safe. Ben said: “This is a category where retailers will need to work harder to persuade customers to part with their money.”
Tesco is the leading choice for costumes, with 10 per cent of consumers opting for children’s outfits and six per cent for adults from the supermarket – with this outpacing competitors, discount stores, and specialist retailers. But with more people planning to celebrate Halloween at home, supermarkets could still a bump in revenue.
“Most consumers will be entertaining at home or visiting friends for parties this year,” Ben added. “This creates a prime opportunity for retailers to cross-sell alcoholic and soft drinks, as well as party food, which could help boost sales.”
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