National online bank, CIT Bank announced Thursday the results of its recent Harris poll showing that Millennials are splurging on Halloween candy, costumes, and décor despite saving less for long-term expenses compared to other demographics.
Millennials expect to spend 2.5 times more than Gen Xers and 8 times more than Boomers on Halloween related items. However, just 38 percent of Millennials say they are preparing for retirement, falling behind Gen Xers (62 percent) and Boomers (48 percent).
"Millennial consumers continue to demonstrate how they value experiences and are spending and saving accordingly," said Ravi Kumar, head of Internet Banking at CIT Bank. "From costumes to parties, Halloween is all about enjoying the moment and has become one the most popular celebrations for those between the ages of 18-36."
With the average Millennial spending $183 on Halloween, an estimate of $15 billion in spending is expected. In comparison, the average consumer expects to purchase a total of $80 on Halloween goods this year.
In regards to saving, Millennials are more in line with their peers when it comes to saving for emergencies (Millennials, 61 percent; Gen Xers, 63 percent; Boomers, 51 percent) or vacations (Millennials, 42 percent; Gen Xers, 41 percent; Boomers, 37 percent).
"Utilizing products such as High Yield Savings Accounts and CDs provides the opportunity to make your cash work harder and reach one's savings goals faster," said Kumar. "This can be beneficial in meeting both near-term goals such as vacation and emergency savings as well as long-term planning."
For more information, an infographic summarizing the survey's findings can be found here.
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