Fears of defense cuts affect holiday spending
Halloween frugality in military families comes at a time of continuing fears over how defense spending cuts will impact their household finances. First Command’s annual Halloween spending survey reveals that three-quarters of middle-class military families (commissioned officers and senior NCOs in pay grades E-5 and above with household incomes of at least $50,000) who plan to celebrate Halloween will spend the same as or less than last year.
More than half of these families expect to spend less than $100 on Halloween. Their top cost-saving methods are:
- Purchasing less expensive candy (55 percent)
- Spending less on decorations (54 percent)
- Sticking to a set budget (43 percent)
- Giving out less candy to each child (35 percent)
- Reusing costumes from a previous year (34 percent)
- Making costumes rather than buying them (25 percent)
- Canceling their Halloween party (10 percent)
Concerns over sequestration and defense downsizing have been prompting military families to cut back on everyday spending, and now on holiday spending. The same trend is reflected in First Command’s Thanksgiving survey results, which also indicate that three-quarters of military families are planning a frugal holiday celebration.
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