Whatever plans Affluent individuals have for Halloween, dressing up in a store costume is not likely to be among them.
Whatever plans Affluent individuals have for Halloween, dressing up in a costume is not likely to be among them.
Nine-out-of-ten Affluent investors surveyed by Spectrem’s Millionaire Corner said they do not plan to don a costume for Halloween. Some, of course, are more likely than others to get into the Halloween spirit and wear a costume. Thirteen percent of Affluent women said they plan to wear a costume compared to 9 percent of men. The wealthiest respondents with a net worth of at least $5 million are almost twice as likely to be wearing a Halloween costume as those with less than $100,000 net worth. Younger Affluent individuals (under the age of 40) are more than three times as likely as those over 60 to say they are wearing a Halloween costume (28 percent vs. 8 percent).
Of the Affluent individuals who are going to dress up for Halloween, a majority said they are going to make their own costume (56 percent vs. 42 percent who plan to buy their costume). This could be artistic license or another indication of a frugal mindset at a time of unease and uncertainty over the economy (Affluent investors cite being frugal as one of the primary factors in their financial success, along with education and hard work, according to Millionaire Corner research). Halloween spending is projected to be down this year from $8 billion in 2012 to $6.9 billion.
Who is most likely to be wearing a hand-made costume? Women, for starters. Forty-four percent of men said they plan to buy their costume vs. 40 percent of women. Singles are significantly more likely than their married counterparts to fashion their own Halloween costumer (67 percent vs. 54 percent).
Older Affluent respondents are the least likely to spend money on a costume. Nearly seven-in-ten (69 percent) said they intend to make their own costume vs. half of those under 40.
Half of Affluent investors surveyed by Spectrem’s Millionaire Corner said they will spend less than $50 on their costume, Men, though, are more willing shell out between $50 and $99 than are women (55 percent vs. 29 percent).
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.