Oct 31, 2016 07:17 AM EDT

Halloween Candy Sales Is Sign Of Economic Strength; Confectioners Happy

The sales of Halloween candy this season is a sign of economic strength for the U.S. This makes confectioners very happy.

According to the Daily Herald, a new report from the IHS Global Insights points out that the expected amount to be spent on Halloween candy this season show that consumers have the confidence to spend money. This is due to a number of economic factors.

IHS Global Insights' Director of consumer economics Chris Christopher said the overall real consumer spending "has been relatively strong since last Halloween." He adds that this is "due to modest consumer price inflation, low gasoline prices, better employment opportunities, and improved household finances."

The team is expecting Halloween candy sales to rise 5.5 percent and hit $3.8 billion. This will be the strongest increase in sales of Halloween candy since 2011.

The increase in Halloween candy sales cannot be attributed to an increase in prices of candies during this season. Prices are actually expected to decline for the first time since 2013.

Christopher said that a lot of "households have been using their pump price relief to pay down debt, save a little bit more, and dine out." Unemployment had stayed near 5 percent since last Halloween and wages have been rising at a faster clip, while gas prices have increased by just 3 cents.

Forbes reports that it's not only the kids that are sharing in the rise in Halloween candy spending. Even the parents are also indulging in sweets.

The National Confectioners Association said that 75 percent of Americans buy candy for their households. This includes what they eat and what they give away.

Seventy-two percent of parents who took part in the association's survey said they share in their children's candy collection. And parents do this with or without their kids' knowledge. 

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