Halloween is traditionally seen as an American holiday but it is now becoming even more popular in the UK and Europe. Held on the 31 October every year, it tends to be a day where there are costume parties where people dress in spooky clothing as well as do pranks on each other. Halloween spending in the UK has risen to emerge as one of the key areas of spending for October. According to Wales Online, Halloween is now the UK’s third highest spending festival. Halloween is an interesting day in the UK because it coincides with Guy Fawkes Day on the 5 November the following week.
According to Web Loyalty Corporate Content, in 2013 alone, the UK spent £420m on Halloween. That’s a staggering amount, according to research commissioned by this company. The research found that £129m was spent on Halloween food and drinks, while £140m was spent on Halloween clothing. In 2014, the amount spent on Halloween was around £440m. It’s not a surprise that so much money was spent on Halloween in the past couple of years. The rise of the Internet, social media and as the world becomes smaller, more people in the UK are looking at the world globally. This also means adjusting their personal finances to days such as Halloween.
Top tips for managing Halloween finances
- Manage Halloween & Guy Fawkes with the same approach: Because Halloween and Guy Fawkes fall in a short space of time, it’s probably a better idea to divide the allotted budget between Halloween & Guy Fawkes Day. The 31 October and the 5 November are two days where children take centre stage. If you have children, you should consider making room in your budget for your children’s costumes and toys.
- Decide if you are buying Halloween gifts: Halloween gifts are a relatively new concept. The whole idea of buying gifts of Halloween has become more of a corporate move by businesses but it is starting to come around for consumers. The idea with your finances should be to make Halloween what you think it should be, as opposed to spending money on it for no reason.
- Make a rock-solid budget with Halloween costumes: Costumes are the central focus of Halloween. Budgeting for costumes requires focus because the more expensive your costumes are for you and your children, the more money you will need to save and spend in order to get the costume you want. Look for offers on costumes and masks before you splurge on buying expensive costumes. Offers for costumes can be found online, at supermarkets and at costume hire companies. You can also make costumes yourself as well.
- Know what sweets to buy: The report from Web Loyalty Corporate Content found chocolate was the most popular confectionery item that customers wanted to buy. Sweets are an important part of Halloween but they are also some of the more affordable parts of the budget so it is not a surprise that customers would opt for sweets when it comes to Halloween.
- Make a budget for your children or dependents: Halloween is a time for children to spend time with family and friends enjoying the day. Naturally they will want to buy things, sweets, costumes and other Halloween themed items. You need to have a rock-solid budget for Halloween so that your children can enjoy the day. The last thing that you want to do is struggle to find the budget that you want for your children because you forgot that they will want specific things for Halloween.
- Decide whether you will buy online or instore: A new report found that 29% of UK shoppers make retail Halloween purchases, according to Verdict Retail. What is needed here is to decide whether you are going to buy online or on the high street. The benefits of shopping online is that you instantly save money because you are able to scour the web for prices. The disadvantages of shopping online is that it is hard to get a feel for the look and texture of the products because a product purchased online may not necessarily look the same as a product that you can buy in your local high street shop.
The benefits of shopping on the high street for Halloween is that you are able to make informed decisions based on holding the product that is in front of you. The disadvantage is that you are not able to price check as much as you would like, unless you are shopping with your smartphone. The research from Web Loyalty Corporate Content said that over a third of Brits in the survey said that they planned to buy their Halloween costume at their local supermarket.
This trend is indicative of how Brits want to enjoy Halloween but they want it to be a festival that is convenient for their lifestyle. For example, doing the weekly shop and buying your Halloween costume is easier than doing both separately as it helps Brits save more money in the long run.
- Go to charity shops: For Halloween bargains go to local charity shops that might have interesting Halloween items on offer. The plus side of going to charity shops is that you tend to find bargains there and things are well-priced for tight budgets.
- Have a limit on spending: In their research, Web Loyalty Corporate Content found that 22.7% of people will spend under £5 on Halloween while 1.9% of Brits will spend more than £25 on Halloween. It is good to see limits imposed on Halloween spending especially with Guy Fawkes and Christmas around the corner. Limits on spending ensure that you can make your money stretch for all the holidays that require you to spend money, as well as having money for your personal life.
As you look forward to Halloween with your family or friends, think about how you need to manage your Halloween spending if you plan to do anything for it. Whether you are going to buy a simple costume or you are going to throw a Halloween party, the key thing is to do it on the budget that you can afford.