October 27, 2008 / 1:54 PM / in 9 years

Financial meltdown won't spoil Halloween fun

NEW YORK (Reuters Life!) - Global stocks markets are plummeting, house prices are slumping and jobless figures are rising but Americans are not about to let a financial crisis dent their Halloween fun.

<p>A Jack-O-Lantern sits on a post along a residential street as revelers take part in the annual Parade of Lost Souls in Vancouver, British Columbia October 27, 2007. Global stocks markets are plummeting, house prices are slumping and jobless figures are rising but Americans are not about to let a financial crisis dent their Halloween fun. REUTERS/Andy Clark</p>

About three quarters of Americans plan to celebrate the ghost and goblins holiday, and despite the credit crunch most are going to delve deeper into their pockets this year to buy candies, costumes and decorations.

The average American will spend $47 on Halloween, 18 percent more than last year, credit card company Visa Inc said, based on the findings of its polls of American consumers.

Although the surveys were done in late summer, October’s financial meltdown is unlikely to curb Halloween spending.

“I think people are still going to be spending on Halloween,” said Jason Alderman, director of financial education at Visa Inc.

“It is one of those holidays that people derive a lot of pleasure for a relatively little amount of money. In these challenging times when a lot of people are worried and a pall is cast over a lot of families. This is a relatively inexpensive way to try to forget those troubles,” he added.

The National Retail Federation (NRF) puts the figure even higher at $66.54. It predicts total spending for the holiday will be about $5.7 billion, based on its September poll by BIGresearch of 8,167 consumers.

“The bottom line when it comes to Halloween, in general, it is a relatively cheap and inexpensive holiday and consumers are ready to focus on fun and forget about what is going on,” Kathy Grannis, a spokesperson for the NRF, explained.

NOT JUST FOR KIDS

Although it is a children’s holiday, young adults aged 18-24 are expected to be the biggest spending group, dispensing $86.59 each.

“It is huge for the young adult population who want to go out and participate in costume parties, whether it is on their campus or at a local restaurant and bar,” Grannis added.

The observance of Halloween dates back thousands of years to Celtic rituals but the first official citywide Halloween celebration was thought to have occurred around 1920 in Anoka, Minnesota, which now bills itself as the Halloween Capital of the World.

The Haunted House Association (HHA), which represents up to 200 ghostly homes, is also predicting a banner year, with about 18 percent of Americans visiting scary houses, two percent more than last year.

“What really occurs in times of trouble is people crave entertainment,” said Ben Armstrong, a founding member of the HHA and a co-owner of Netherworld Haunted House in Atlanta.

“People don’t want to drive a long way ... they want to get their entertainment on a local level and that is what haunted houses provide.”

NRF’s poll shows more than 70 percent of Americans will hand out treats, nearly 50 percent will carve a pumpkin, 35 percent will dress up, and a third will have a party or attend a party and 33 percent will take children trick or treating.

Witches, cats and vampire costumes will be popular for children, adults -- and pets. But Batman is also expected to be a popular choice for all three groups thanks to the Hollywood hit “The Dark Knight.” The presidential election on Nov 4 will also have an impact with 574,000 adults planning to dress up as a political figure, according to the NRF.

Republican vice-presidential candidate Sarah Palin is expected to be a top choice for Halloween. She topped the list of most searched political masks on Yahoo, followed by presidential hopefuls Barack Obama and John McCain.

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