NEW YORK, Oct. 7, 2021 /PRNewswire/ -- After the
pandemic halted many holiday celebrations and gatherings last year,
Americans are excited to safely get back to their favorite
Halloween traditions in 2021, according to CIT Bank's latest
Halloween survey conducted by The Harris Poll. Expectations are on
the rise, with more than a third (36%) of Americans expecting
Halloween this year will be more fun than last.
Sixty-five percent of Americans plan to celebrate Halloween this
year, while an additional 11% of people who usually celebrate are
planning to sit this year out. Of Americans planning to celebrate,
37% say they will be trick-or-treating, 35% say they will be
attending an in-person party with family/friends, and 22% say they
will attend a public event such as a haunted house or wagon ride.
Virtual parties aren't nearly as popular – only 12% are planning to
participate in a virtual Halloween party with family/friends.
Halloween Spending & Saving
The holiday's resurgence brings with it a wave of spending. Of
those planning to celebrate Halloween this year, 36% plan to spend
more money than last year, 38% plan to spend the same and just 18%
plan to spend less.
Additionally, the average expected spending on Halloween-related
items is up across the board. Consumers plan to spend more, on
average, compared to 2020:
- Costumes (for self, family, or pet): 49% increase
- Party (virtual or in-person): 76% increase
- Home or yard decor: 21% increase
- Candy: 10% increase
"While it's easy to get lost in the excitement around the
holiday, Halloween shouldn't be seen as a time to bypass your
budgets," said Ravi Kumar, head of
CIT's direct bank. "Consider how you can stay ahead of
holiday-related costs by saving in anticipation of Halloween
spending on candy, costumes and activities, and incorporate these
expected costs into your monthly or annual budget."
Many Americans are planning ahead this year to avoid last minute
shopping splurges. Nearly a month and a half before Halloween, 44%
of those celebrating the holiday already had planned out their
costume. Of Americans that plan to dress up, just 26% plan to buy a
new costume and 74% are planning to save money on a costume by
making their own, borrowing one, or re-using one.
"Don't be afraid to get creative with your savings strategy –
whether that involves DIYing your costume, reusing decorations or
swapping décor and costumes with friends and family," continued
Kumar. "By developing a strategy to alleviate any concerns about
overspending, consumers can focus their time on safely enjoying the
holiday and avoid any stressful unplanned expenses."
CIT's Savings Connect is a digital savings account that can
make it easier to prepare for Halloween and other holiday spending
as it offers a streamlined banking experience with digital
convenience to help customers develop consistent savings habits.
For more information on Savings Connect, visit our
website.
See more from CIT Bank's 2021 Halloween survey and learn how to
establish smart savings strategies in this infographic.
About CIT
CIT is a leading national bank focused on
empowering businesses and personal savers with the financial
agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a
financial holding company with over a century of experience and
operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC,
Equal Housing Lender). The company's commercial banking segment
includes commercial financing, community association banking,
middle market banking, equipment and vendor financing, factoring,
railcar financing, treasury and payments services, and capital
markets and asset management. CIT's consumer banking segment
includes a national direct bank and regional branch network.
Discover more at cit.com/about.
About the Survey
This survey was conducted online
within the United States by The Harris Poll on behalf of
CIT Group from Sept. 16-20, 2021 among 2,075
U.S. adults ages 18 and older.
MEDIA RELATIONS:
Lexa
Tutela
212-461-5305
Lexa.Tutela@cit.com
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SOURCE CIT Group Inc.