Americans In Record Debt, But Will Spend $480 Million On Halloween Costumes For Pets

Despite record personal debt, Americans are reportedly going to spend $480 million on Halloween costumes for their pets, mostly to show them off on Facebook, Instagram and Twitter (video below).

MarketWatch notes that debt-ridden Americans will spend a staggering $9 billion in total on Halloween this year:

The National Retail Federation says Americans will spend $9 billion celebrating Halloween this year, slightly lower than $9.1 billion last year, on costumes, cards and decorations. Pet costumes represent 15% of the $3.2 billion spent on all costume sales.

More than 31 million people will purchase pet costumes this year, up from 28 million last year. Millennials aged 25- to 34-years-old are the most likely to dress up their pets, often posting their animalโ€™s Halloween look online…

As with everything from plastic surgery to boasting about children, Facebook and Instagram appear to be fueling the trend. โ€œSocial media is allowing millennial consumers to have fun with Halloween,โ€ said National Retail Federation spokeswoman Ana Serafin Smith.

(Sources: MarketWatch, Housing Wire, Linda Cruz/Twitter, Photo Credit: Jennifer Pannier/Twitter)

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