After The Bell: Merchants Expect Record Spending This Halloween
(CBS) -- Retailers, costume shops and even pumpkin patches are likely to find some extra cash in their tills this year as Americans participate nationwide in Halloween celebrations.
The National Retail Federation estimates 171 million people plan to partake, spending more than $8.4 billion, an all-time high in the history of the annual survey.
On average, people are expected to shell out $82.93 each to celebrate Halloween. Candy, decorations and costumes are expected to receive the lion's share of this year's spend.
"More and more grown-ups in particular getting involved with this holiday because it's a cheap way to have a good time," says Howard Davidowitz, chairman and chief executive officer at Davidowitz & Associates in New York.
Halloween spending is smaller than most major holidays, ranking eighth overall, but has consistently grown over the past decade, especially among adults.