More trick than treat

Here's another frightful economic projection from the National Retail Federation: Halloween shoppers in the U.S. will cut back on costumes and trick-or-treat candy this year, as consumers reduce spending on non-essentials.

According to a report on Bloomberg.com, Shoppers plan to spend an average of $56.31 for this year’s Halloween, down from $66.54 in 2008, according to a recent survey by the NRF, a Washington- based trade group. Total spending will decline 18 percent to $4.8 billion from $5.8 billion last year, according to survey findings.

Fewer people this year plan to celebrate Halloween, the eighth-largest U.S. spending holiday, according to the NRF. Job losses and falling home values have curbed household spending in 2009. While U.S. retail sales rose 2.7 percent in August from July, boosted by back-to-school spending, they fell 5.3 percent compared with the same period last year, according to figures from the Commerce Department.

“The economy has caught up to Halloween this year,” Tracy Mullin, president and CEO of the National Retail Federation, said in the statement.

Consumers aged 18 to 24, who were last year’s biggest spenders for Halloween, plan to spend $68.56 this year, compared with $86.59 in 2008 and $81.91 in 2007. Fewer people plan to hand out candy and decorate their home or yard, the NRF said.