A new study shows that American consumers plan on spending less money on Halloween this year due to inflation.

The LendingTree survey polled 2,000 consumers based in the United States, and the results are telling: 59 percent of Halloween shoppers plan to forgo any purchases towards the holiday including decorations (30%), candy (28%), and party supplies (23%).

"It never surprises me to hear people cutting back on anything because of inflation," says Matt Schulz, the chief credit analyst at LendingTree. "Life is so much more expensive than just a few years ago, and it has left many Americans squeezed to the breaking point."

"When that happens, sacrifices have to be made, and sometimes that means dialing back on things you love, like Halloween spending," he added.

There are discrepancies between age groups in the study, specifically millennials and Gen Zers.

Data show that 22% of millennials ages 28 to 43 are likely to spend money on decorations, while 18% of Gen Zers plan on spending their money to travel to a Halloween-themed attraction outside their city.

Gen Zers who plan to shop, 21%, will be dolling out bucks for costumes for their pets.

Millennials who plan on shilling out for the spooky fare are expected to spend an average of $233. At least 38% plan on going trick-or-treating likely with their children.

The group likely to splurge on dressing up are parents of children under the age of 18 years old, who represent 28 percent. It's forecast that they'll foot the bill for $260.

Of the consumers who have decided to indulge in Halloween, the average amount of money they will spend will increase from $162 in 2023 to $172.

Inflation will also affect shoppers' candy budgets. If they plan on buying candy made of chocolate they're in for a reveal. In 2024, the price of cocoa rose globally, affecting the cost of making your favorite treats.

While many Americans are not spending money for Halloween, they still plan on celebrating it. The study shows that 48% of Americans, never short of a costume idea due to meme culture, are taking the frugal route and plan on making their garbs.

"Most of us can still have an amazing Halloween without letting our costume break the bank," Schulz says.

The survey also offers tips on how to stretch your dollar so you don't end up going into Halloween debt, the practice of where you spend over your Halloween budget:

• Use credit card rewards, when possible
• Shop at dollar stores for do-it-yourself costumes and decorations
• Stick to a budget for candy
• Exchange costumes with other parents or social media group

"If you can spread out purchases over a longer period, it can make the hit not feel quite as hard," Schulz says.