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Five million Australians are expected to get spooky for Halloween this week, according to research by the Australian Retailers Association (ARA).
In its first survey of Halloween intentions, the ARA found that the average amount spent on Halloween is $86 per person, equating to a $430 million boost for retailers.
Those in the 35- to 49-year-old age group are the most likely to celebrate Halloween, with one in five to hold or attend a party without children.
"Halloween has been growing in status as an Australian tradition and has become a highly anticipated seasonal event for many retailers," ARA CEO Paul Zahra said.
"Businesses are coming to the party with themed windows and store displays as part of big promotional push in the lead up to October 31."
Aussie spending pales in comparison to US
While Halloween has slowly taken hold in Australian over the past few decades to be a retail event, the holiday in the United States is a major deal.
Halloween spending in the US reached an all time high in 2022, according to the US National Retail Federation.
Americans' are expected to spend a massive $US10.6 billion (more than $16.5 billion) on the holiday this year, up from $US10.1 billion in 2021.
On average, American's are expected to spend $US100 per person on the holiday this year, with $US700 million being dropped on pet costumes alone.
What date is Halloween?
Halloween or All Hallow's Eve will take place on Monday, 31st October in Australia.
Why is Halloween celebrated?
Historically, Halloween has been more about remembering those who have passed on rather than playing dress up.
It's rooted in the ancient Celtic festival of Samhain where the souls of the dead were believed to return to visit their homes.
The modern tradition of dressing as ghosts and ghouls is rooted in a Samhain practise where people would sometimes wear masks and other disguises in order to avoid the ghosts thought to be present.
While Halloween originated in Europe, the custom came to America in the 1840s with the arrival of Irish immigrants.
ABC/Reuters