Halloween spending to increase by $500 million as candy prices soar

Halloween spending is expected to rise by $500 million in the US, even as Americans struggle with the pressure of inflation.

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The total Halloween spending is expected to hit $10.6 billion this year, according to reports.

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This will mark an increase of 5% ($500 million) over last year.

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Furthermore, it is a $2 billion (about 20%) rise over the $8.8 billion spent on Halloween in 2019.

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Spending on costumes is reported to rise to $3.6 billion this year, according to a survey.

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A majority of Americans have said that inflation was impacting their Halloween expenditure.

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People are expected to buy less candy this year amid surging prices of treats.

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In September, inflation was up by 8.2% compared with last year.

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The price of candy and chewing gum also increased 13.1% year-over-year in September.

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