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Parents spending more this Halloween to atone for 2020

Parents spending more this Halloween to atone for 2020
Posted at 3:56 PM, Oct 26, 2020
and last updated 2020-10-26 18:56:49-04

There is no question that 2020 has been a rough one for children, but it appears parents are doing what they can to atone for a rancid year.

A survey of more than 1,000 parents commissioned by LendingTree found that 71% of parents say they plan to spend more on their children this Halloween to make up for other missed celebrations this year.

This comes as many public health experts are encouraging parents to exercise caution this Halloween season as cases of the coronavirus continue to grow throughout the country. While children are generally at a low risk of having coronavirus complications, experts are concerned that children can spread the virus to those at a higher risk.

"I think it is safe to say that 2020 has been a stressful year for most Americans. The toll that the coronavirus crisis has taken on the country's physical, emotional and financial health has been nothing short of staggering," said LendingTree's Chief Credit Analyst, Matt Schulz. "Between remote learning, social distancing measures, cancelled vacations, and fewer extracurriculars, parents and children alike have faced a lot of disappointment and unexpected difficulties in 2020. With the uncertainty around Halloween and Trick-or-Treating, it makes sense that parents want to go above and beyond to make the holiday season extra-special, for both their children and themselves."

In addition to spending more this year, 79% percent of parents said they have spent more than they can afford on Halloween. Also, 65% say they have made purchases to show off on social media.