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Halloween is a low-effort, high-reward holiday. We don’t have to cook a feast, buy gifts, or sit through a potentially tense dinner with relatives. Instead, we get to just have fun: shriek through haunted houses with friends, gorge ourselves on bite-size candy, and find meme-worthy costumes at Spirit Halloween.

But the holiday may have even more significance this year, when high prices and worries about the economy have Americans looking for ways to cut back. According to a recent PwC survey, many people are viewing Halloween as a time for calculated indulgence — a rare chance to treat themselves (within reason.)

“Halloween is emerging as one of the year’s sanctioned extravagances, like a cultural permission slip to go bigger, louder, more elaborate,” PwC analysts Ali Furman and Kelly Pedersen wrote when they released the survey results this month.

“It’s fun and social — both IRL and on screens. And for many consumers, especially Gen Z and millennials, it now occupies the same mental category as a concert ticket or a long weekend away. It’s a fleeting experience that justifies the splurge because it promises connection and memories.”

Among over 2,000 U.S. adults PwC surveyed in September, Millennials and Gen Z were leading the spending charge this Halloween. Between costumes, candy, decorations, and events, Millennials were expecting to spend $447, on average, and Gen Z’ers were poised to shell out $328. Both generations were twice as likely as Baby Boomers to anticipate a bigger expense this year than last.

Overall, U.S. spending on Halloween has surged over the past five years, even if it’s still a fraction of what Americans spend on winter holiday hauls.

More than material splurges, Halloween has become about investing in memorable fun: Forty-five percent of people surveyed by Empower last month said they’d rather spend on experiences than decorations. Many are opting for pumpkin patches, parties, and haunted houses over 12-foot skeletons and pricey costumes.

And despite rising costs (cocoa prices are more than double what they were two years ago), over half of people surveyed say Halloween is one of their favorite holidays and the memories they make with loved ones are priceless. Some even started shopping for Halloween in July and August (#Summerween,) surveys show.

So what? The occasional treat can be crucial for staying disciplined and motivated when you’re in hunker-down mode. And that’s proving to be the mindset, as many Americans still make room in their budgets for non-essentials despite feeling financially squeezed and less secure about their jobs, according to data from Deloitte.

Halloween may even be serving as a “lipstick index" of sorts, reflecting our desire to keep small forms of indulgence when we don’t feel we have the luxury to truly splurge.

Related Reading

Why Halloween Candy Is Getting More Expensive and Less Chocolate-y (CNN)

U.S. Shoppers Are Expected to Spend More Than Ever on Halloween This Year (NPR)

How President Trump’s China Tariffs Are Taxing the Price of Cherished Halloween Pumpkin Pastime (CNBC)

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