Halloween spending to soar thanks to party-loving twentysomethings

Twentysomethings are behind the predicted huge growth in costume and party sales, with spending expected to be five per cent higher than in 2015.

Consumer analysts Mintel also found that 40 per cent of Brits expected to spend money on the spooky festival, with six per cent planning to fork out £85 or more. The figure rose to 50 per cent in the 16-35 age bracket.

Thirteen per cent of people now carve a pumpkin, 10 per cent dress up and eight per cent go to a Halloween costume party.

Women aged 16-24 and children under five were the groups most likely to adopt fancy dress for the occasion.

However, Bonfire Night is a significantly less lucrative consumer event, with far fewer people saying they spent money on celebrating it, preferring to prioritise Halloween and Christmas.

Retail analyst Alice Goody said:

“The value of the Halloween market is set to rise in 2016, as retailers continue to dedicate more space in store to their seasonal ranges.

“For millennials who grew up celebrating Halloween, this nostalgic event provides a good excuse for a party, driving retail spend on food and drink, as well as money on going out.

“Capturing the imagination of these young consumers will be key to driving the growth of Halloween, as not only are they buying more items and spending more on average than other generations, but the vast majority agree that they enjoy taking part in the event.”