Americans aren't giving up Halloween despite persistent inflation, but they're becoming considerably more careful about how much they pay for it.

Consumers are expected to spend $13.5 billion on Halloween this year, up from a record $13.1 billion in 2025, according to a National Retail Federation survey. About 74% of consumers plan to celebrate the holiday, roughly unchanged from last year and well above 68% in 2019.

Looking beneath the headline, however, there are plenty of signs that household budgets remain under pressure. Average spending is expected to reach $115.14 a person, an increase of just 0.6% from last year. That trails the broader pace of inflation by a wide margin.

The consumer-price index rose 3.4% in August from a year earlier. While prices of Halloween goods don't necessarily rise at the same rate as the overall consumer basket, the gap suggests that consumers aren't substantially expanding their individual budgets despite the increase in total spending.

How shoppers are responding to higher prices may be even more revealing. Nearly half of consumers started Halloween shopping in September or earlier, compared with 34% a decade ago.

Among those, 23% said they did so to spread purchases across their budgets, while 21% cited attractive prices and promotions. If shoppers encounter prices higher than expected, 31% plan to comparison shop and 26% will look for coupons or sales.

Such behavior could have implications well beyond Halloween: Consumers are still spending, but retailers increasingly have to demonstrate value to win those dollars.

Discount stores remain the most popular destination for Halloween shoppers, with 39% planning to visit one. That could favor value-focused retailers and mass merchants such as Walmart, Dollar Tree, and Dollar General.

Halloween is an important selling occasion for confectionery companies such as Hershey and Mondelez International. The NRF estimates consumers will spend about $4.1 billion on Halloween candy this year, with 96% of Halloween shoppers planning to buy it.

But as consumers compare prices and look for deals, manufacturers may have less room to raise prices without losing sales. That means demand could stay strong, but companies may need to rely more on discounts and promotions, which could put pressure on profit margins.

The consumer hasn't disappeared, but retailers may have to work considerably harder for every dollar they earn.