On Nov. 1, 1876, The New York Times declared Halloween “departed,” destined for the grave.

In 2024, consumers are expected to spend $11.6 billion celebrating the holiday, up from $3.3 billion in 2005. Perhaps it is time to eat some crow.

Halloween, steeped in tradition, has transformed from a pagan feast to a celebration with lovingly homemade costumes and treats to one of the largest consumer spending holidays in the United States. Every October — or even earlier — millions of Americans are spending on costumes, decorating their homes and lawns with garish skeletons and spiders and doling out candy bars to little superheroes and witches. But how did this holiday with humble origins become an economic juggernaut with growing global appeal?

Halloween is a marketer’s dream, said Tom Arnold, a finance professor and retail expert at the University of Richmond. It falls on the same day every year, Halloween items are largely consumable (candy needs to be replenished every year and kids outgrow costumes), and pop culture trends can help predict which costumes will be the must-haves each season.

Professor Arnold said the 1970s brought mass-manufactured costumes and individually wrapped candy that made the holiday explode in popularity. It also shifted from a more religious holiday to a secular one.