Washington, D.C.—Consumers won't be afraid to spend money on Halloween, as holiday spending is expected to reach $5.07 billion this year, according to the National Retail Federation's (NRF) Halloween Consumer Intentions and Actions Survey.

The study, conducted by Big Research, notes that consumers will spend more on Halloween this year versus last year, with the average person planning to spend $64.82 compared with $59.06 in 2006.

"Halloween should give retailers a nice boost in sales as they open the crucial fourth quarter," NRF President and CEO Tracy Mullin said in a statement. "This is the time of year that retailers are at their best, stocking the shelves with new and innovative product to help consumers celebrate in style."

Those planning to celebrate this Halloween will be on the lookout for candy, costumes and decorations. The average person will spend $23.33 on costumes—including getups for children and pets—with young adults spending far more. According to the survey, consumers in the 18-24 age range plan to spend $34.06 to dress up in style for the holiday, about twice as much as they plan to spend on candy ($19.65).

Average spending will increase in all categories, including candy ($19.84), decorations ($17.73) and greeting cards ($3.92).

"Halloween is often a time for consumers to set aside their real concerns to focus on the imaginary," Big Research Vice President of Strategy Phil Rist said. "As news about the economy floods the airwaves, many Americans want to take a break from reality to have a bit of fun."

With that in mind, 72.9 percent of survey respondents said they plan to stay home and hand out candy to trick or treaters, 43.3 percent will demonstrate pumpkin-carving skills and 28.3 percent plan to attend or throw a Halloween party.

The survey, which has a margin of error of plus or minus 1 percent, was conducted from Sept. 4-11 and polled 8,877 consumers.