Tariff or treat? Economists say Halloween prices could get spooky

RICHMOND, Va. (WRIC) — This Halloween, shoppers may notice higher prices on costumes and decorations due to potential tariffs on Chinese imports.

"There's just something about, like, having a day, being committed to go through a thrift store and, like, see things and see pieces to make it come alive... as opposed to going to your local Halloween store or spending $60 for a poorly made costume," said Marshe Wyche, owner of Rumors Boutique thrift store, located at 723 W. Broad St. in Richmond.

This year, that thrifty approach may pay off.

Economists said President Donald Trump's administration’s threat of a 57% tariff on Chinese goods could drive up production costs, leading to tighter inventory and higher prices just in time for the holiday.

This news comes as China signaled on Sunday, Oct. 12, that it wouldn't back down in the face of a 100% tariff threat from Trump, urging the U.S. to resolve differences through negotiations.

Many costumes and decorations are imported from overseas, meaning shoppers could see steeper price tags in stores this year.

"Tariff burdens remain high and persistent. You're likely to eventually see more price increases," he said.

Stephen Day, the director of Virginia Commonwealth University's (VCU) Center for Economics Education, explained that Trump has threatened a 57% tariff on Chinese goods if a trade deal isn’t reached by Nov. 1.

"Tariffs would definitely affect the prices… anything that's made in a factory that we import -- big importers are places like Walmart and Halloween stores get a whole lot of their stuff from China," he said.

Day advised shoppers not to wait until the last minute if they plan to buy costumes from retail stores, as the impact of tariffs on price tags could change daily.