(BPT) - New research from Empower finds that over half of Americans (57%) say rising chocolate prices are changing how much they dish out for candy. A third consider Halloween one of the costliest times of the year, and Americans plan to spend an average of $296 between costumes, decor and entertainment in 2025, while Millennials and Gen Z plan to spend almost double ($522, $435 respectively). Yet despite the price tag, 51% say Halloween is one of their favorite holidays, and nearly six in 10 (57%) say the memories they make with friends and family on Oct. 31 are priceless.

Spooky spending

Five in 10 are cutting back on Halloween spending overall due to inflation (52%), though 39% of Americans say they overspend each year, highest among Millennials (52%) and Gen Z (48%). More than half of Americans (54%) believe parents today feel pressured to spend more on Halloween than past generations. Almost a third (31%) say they end up spending more when they see friends or family doing so, even if it's beyond their means (53% Gen Z, 50% Millennials).

Overall, Americans expect to spend an average of $296 this Halloween, including:

• Candy: $58
• Children's costume(s): $56
• Adult costume(s): $46
• Pet costume(s): $33
• Home and yard decorations: $52
• Parties and entertainment: $51

Millennials and Gen Z will spend the most ($522 and $435 respectively), while Gen X and Boomers will spend the least ($325 and $89, respectively). Most shoppers will start looking for Halloween items in September (39%) and October (43%). Though, close to one in five Millennials start shopping for Halloween in August (16%). Two in five (40%) say they look forward to Halloween shopping more than shopping for other holidays (61% Millennials, 56% Gen Z).

Tricks to save on treats

More than a third (35%) say candy is more expensive this year (46% Boomers) and 19% are spending less on candy now because of rising prices and inflation. One in five end up spending more than they planned on Halloween candy (21%), even though they budget a set amount for it (20%).

Rising costs are leading to new candy strategies:

• 38% hunt for sales, coupons or bulk deals to save money on Halloween candy
• 22% buy Halloween candy before October to spread out the cost
• 31% admit they buy extra, knowing they'll eat it themselves

Still, some 35% say they'll splurge for full-sized candy bars, even though it costs more.

The cost of costumes

Social media also influences 29% of people to spend more on costumes, decor or events. To save money, close to a quarter say they often reuse or recycle costumes from past years (22%) or shop at thrift stores/discount retailers for Halloween looks (22%). One in five prefer to DIY or make costumes at home (20%). Close to a quarter (23%) of Gen Z and Millennials buy costumes for their pets, even if it costs extra (18% overall).

Unmasking AI

A quarter (24%) of younger generations will use AI to find the best deals on candy, costumes or decorations. Gen Z and Millennials will use it to generate costume ideas (25%). More than one in five Millennials will use it to help plan fall or Halloween themed-travel (21%).

Fear and fun: The experience economy

Even with tighter budgets, Americans want Halloween to feel memorable: 45% say they'd rather spend on experiences like trips or parties than decor. This year, Americans are opting for pumpkin patches or harvest festivals (31% overall; 41% Gen Z, 39% Millennials), Halloween parties (23% overall; 39% Millennials, 35% Gen Z), and Halloween theme parks or haunted houses (21% overall; 37% Millennials, 35% Gen Z).

More than a third (35%) plan to hand out candy to trick-or-treaters, while 27% will be watching Halloween movies or streaming spooky content. About a quarter say they'll decorate their homes or yards (25%) or carve pumpkins (23%), and just over one in five (21%) will bake or cook Halloween-themed treats. Another 18% are heading out for seasonal activities like haunted houses, corn mazes or hayrides. When paying for these Halloween experiences or purchases, half of Americans will use a credit card to pay (50%), while 25% will use Buy Now, Pay Later (BNPL) (42% younger generations).

Visit The Currency™ to read Empower's full research study, "Trick-or-Treat-onomics."

Methodology:

Empower's "Trick-or-Treat-onomics" study is based on online survey responses from 2,000 Americans ages 18+ from Sept. 10-16, 2025.