Olivia Christensen celebrated her first Halloween as a dragon, a costume nearly half a million American children will don this year for their trick or treating adventures.

Of course, none will be as adorable as the then-1-year-old Cottonwood Heights girl was, said her mom, Andrea.

"She was the cutest little dragon you ever did see," Christensen said of her daughter, who turns 2 just days before Halloween this year.

On a recent trip to the Fort Union Target store, Christensen shopped for Olivia's 2007 ensemble, eyeing the angel costumes for the little girl. Meantime, 2-month-old Calvin slept soundly in his carrier, knowing his tiger costume was already purchased and waiting for him at home.

Halloween spending is estimated to reach $5.07 billion this year, compared to $4.96 billion in 2006. At $1.8 billion, costumes for adults, children and pets make up the bulk of spending, according to the National Retail Federation.

With two small children, Christensen knows how expensive Halloween can become and is trying to avoid spending too much by keeping each costume under $15.

And though she doesn't go overboard with decorations, the Christensens do splurge a little when it comes to treating their trick or treaters.

"We give out full-sized candy bars just so we're 'that' house in the neighborhood," Christensen said.

The average person is expected to spend just under $65 on Halloween this year, according to the National Retail Federation survey. One-third of that — about $23 per person — will be spent on costumes and almost $20 will go toward Halloween candy.

That sounds about right, said Jackie Smith who spent last Saturday evening Halloween shopping with her three children. Luckily, her 9-year-old son has chosen to be the Grim Reaper for the second year in a row, with his only costume request being the addition of a $5 "Death's Dagger."

Still, the costs add up quickly, Smith said. "I like to keep it under $20 (for each child), but this year, it's just 'Wow."'

Rounding out the Halloween-themed items in Smith's shopping cart was a Superman costume and a witch's hat for the Layton woman's 7-year-old son and 11-year-old daughter. There was nothing, however, for her 13-year-old son at home.

"He's on his own this year," Smith said.

And Halloween is not just costumes and candy, either. According to the National Retail Federation, Americans will spend a whopping $1.4 billion on decorations this Halloween.