Millennials Splurging on Halloween Paraphernalia, Eschew Long-Term Saving, National Poll by Pasadena-Based Bank Reveals

Millennials in the United States are splurging on Halloween related-items such as candies, costumes and decor despite saving less for long-term expenses such as retirement, a recent online survey by Pasadena-based CIT Bank revealed.

The survey was conducted online within the United States by Harris Poll on behalf of CIT Bank between October 3 and 5, 2017 among 2,185 U.S. adults ages 18 and older.

CIT Bank said that based on the results of its Harris poll, millennials (those between the ages of 18 to 36) expect to spend 2.5 times for Halloween items more than Gen Xers (those between the ages of 37 to 51) and eight times more than Boomers (those with ages 52 and above).

The same survey also showed that just 38 percent of millennials say they are preparing for retirement, falling behind Gen Xers at 62 percent and Boomers at 48 percent.

“Millennial consumers continue to demonstrate how they value experiences and are spending and saving accordingly,” said Ravi Kumar, head of Internet Banking at CIT Bank in a statement.

“From costumes to parties, Halloween is all about enjoying the moment and has become one the most popular celebrations for those between the ages of 18 to 36.”

With the average Millennial spending $183 on Halloween items, an estimate of $15 billion in spending is expected. In comparison, the average consumer expects to purchase a total of $80 on Halloween goods this year, CIT Bank said.

As for saving money, millennials are more like Gen Xers and Boomers when it comes to saving for emergencies (Millennials, 61 percent; Gen Xers, 63 percent; Boomers, 51 percent) or vacations (Millennials, 42 percent; Gen Xers, 41 percent; Boomers, 37 percent).

“Utilizing products such as High Yield Savings Accounts and CDs provides the opportunity to make your cash work harder and reach one’s savings goals faster,” said Kumar.

“This can be beneficial in meeting both near-term goals such as vacation and emergency savings as well as long-term planning.”

The online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated, CIT Bank said in a statement.

Founded in 1908, CIT Bank is a financial holding company with approximately $50 billion in assets as of Sept. 30, 2017. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has more than $30 billion of deposits and more than $40 billion of assets.

CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses across a wide variety of industries.

It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, which is based in Pasadena.