It's that time of year when little ghosts and goblins will get their costumes ready to take to the streets and go house to house in search of sweet treats. This year, there won't be many homes with the lights out.

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Seven in ten Americans, or 71.5 percent, plan to spend at least $80 on Halloween this year according to a survey by the National Retail Federation. That's up from 68.6 percent last year. Total spending is expected to reach $8 billion, which is the most in the survey's ten-year history.

"Consumers will be spending their money on everything from fancy decorations to costumes and greeting cards and candy," said Kathy Grannis of the National Retail Federation. "By the time Halloween rolls around, many Americans will have already spent about two months preparing for the holiday. When you see some of the elaborate costumes people wear on Halloween night, you can see how they've taken a great deal of time."

"Halloween has morphed into a month-long celebration of fall. It's a holiday that's quickly become one of the most popular and widely-loved holidays of the year. I think it all stems from the fact that there's so much more to do. There's a market for adult costumes that never existed before. Haunted houses are opening up on every corner. As early as October first, people are celebrating Halloween with pumpkin patches and apple picking and haunted houses and so much more," said Grannis.

Despite record spending for this year's Halloween holiday, one-fourth of consumers, or 25.9 percent, say the state of the economy will impact their plans. "The economy is always on people's minds. Overall, this is one of the holidays that doesn't involve gift-giving. For people who don't want to break the bank, there are ways they can celebrate without spending a dime. For those who do want to splurge, they can spend on their costume, their pets costume and even their yard," said Grannis. "I think, overall, people look to this holiday to escape the economy."