Those nutty Millennials have long been lambasted for their focus on immediate gratification, frivolity and fun-filled irreverence. Indeed, a new survey from CIT Bank and Harris Poll reveals that Millennials are splurging on Halloween candy, costumes and décor this year—despite saving less for long-term expenses compared to other demographics.
Millennials expect to spend 2.5 times more than Gen Xers and 8 times more than Boomers on Halloween-related items. However, just 38 percent of Millennials say they are preparing for retirement, falling behind Gen Xers (62 percent) and Boomers (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 news release. “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 18-36.”
With the average Millennial spending $183 on Halloween, an estimate of $15 billion in spending is expected. In comparison, the average consumer expects to spend a total of $80 on Halloween goods this year.
In regards to saving, Millennials are more in line with their peers 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 survey was conducted online within the United States by Harris Poll on behalf of CIT between October 3 – 5, 2017 among 2,185 U.S. adults ages 18 and older. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated.