More consumers are purchasing pet costumes for Halloween than ever before

Source: PetSmart

Plan on dressing Fido as a pumpkin this Halloween? You're not alone.

More consumers are dressing up their pets this year than at any point in the last 12 years, according to the National Retail Federation.

Last year, the NRF estimated that $350 million was spent on pet costumes, with a whopping 20 million consumers opting to dress up their pet. This year, that number is expected to grow, with the NRF forecasting that 16 percent of Americans, or about 27.7 million people, will put their furry friend into a costume.

"More and more pet parents want to include their pets in traditions and celebrations," PetSmart told CNBC. "Halloween continues to be a favorite among pet parents and whether it's dressing pets as a favorite superhero, pumpkin or a festive collar and gifting them with Halloween-themed treats."

Source: PetSmart

Top pet costumes include pumpkins, hot dogs and bumble bees, according to the NRF. Gaining popularity this year are lion costumes, jumping from the 16th most popular costume last year to the 4th this year. Star Wars characters, superheroes and devils are also on trend.

Of course, pet costumes aren't the only thing consumers are buying this Halloween.

Americans are slated to spend about $8.4 billion this October for costumes, candy and parties, an all-time high since the NRF first began tracking Halloween spending 11 years ago.

The NRF estimates that consumers will spend $3.1 billion on costumes, $2.5 billion on candy, $2.4 billion on decorations and $390 million on greeting cards.

Source: PetSmart

More than 171 million Americans will partake in Halloween festivities, spending about $83 each, up from $74 last year.