Pasadena Bank Survey: Consumers Are Willing To Cut Halloween Costs To Increase Their Savings

Published : Monday, October 29, 2018 | 9:25 AM

Most U.S. consumers are willing to cut corners on Halloween spending in order to save. Over 60 percent are willing to reuse a costume, 45 percent would make their own decorations and another 25 percent would skip the candy, all to keep their savings plans on track.

These are the key findings of a new Halloween survey1 conducted by Pasadena-based CIT Bank, CIT Group’s national online bank.

“People realize the importance of sticking to a savings plan to meet both their immediate and long-term needs,” said Ravi Kumar, head of Internet Banking at CIT Bank. “While celebrating Halloween remains a priority, many are willing to make trade-offs to remain committed to their savings goals.”

When it comes to Halloween spending, candy is by far the most popular item among 90 percent of U.S. consumers. About 40 percent say they expect to shell out between $11 and $25 on sugary treats, with 20 percent spending up to $50. Beyond that, 60 percent of consumers plan to purchase Halloween-themed home décor and another 30 percent expect to buy costumes.

California will spend the most on Halloween this year, according to one third of survey respondents. Higher levels of disposable income, influence of the entertainment industry, and a higher cost of living were most cited as reasons why. New York State finished in second place with 14 percent anticipating it will spend the most, followed by Massachusettswith 8 percent.

Consumers across the U.S. spend billions of dollars on Halloween every year, but only 12 percent say they set aside money in advance to pay for the holiday, according to the survey. CIT Bank’s Savings Builder can make it easier to prepare as it encourages consistent savings by rewarding customers with a higher interest rate if they contribute $100 or more each month.2

“Establishing a smart savings strategy for projected expenses can eliminate the anxiety of seasonal spending, making holidays such as Halloween more enjoyable,” continued Kumar.

Founded in 1908, CIT (NYSE: CIT) is a financial holding company with approximately $50 billion in assets as of September 30, 2018. 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, a division of CIT Bank, N.A.

 

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