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 animal’s Halloween look online…
As with everything from plastic surgery to boasting about children, Facebook and Instagram appear to be fueling the trend. “Social media is allowing millennial consumers to have fun with Halloween,” said National Retail Federation spokeswoman Ana Serafin Smith.
The first thing I do to my dog after not seeing her, I bought her a new costume for Halloween 🎃😂💕 pic.twitter.com/kjRfSqnR62
— Linda Victoria 🌹 (@lindacruz_) October 15, 2018