To try to answer my question, I researched a bit about the history of Halloween. It turns out that it originated from an old Celtic festival called Samhain. November 1st first marked the end of summer for the Celts, and the beginning of the long dark winter, which was a time associated with death. To recognize this transition of seasons, people would have bonfires and make predictions about the future, usually wearing costumes made from animal skins during the process.
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Other countries, such as Mexico use October 31st through November 2nd to decorate graves of family/friends who have passed away, calling it Day of the Dead. In parts of Italy, kids wake up on November 2nd to find candy and toys left for them by their dead relatives.
With other countries' versions of Halloween clearly focusing more on the death of loved-ones, America's version focuses on costumes and candy. This leads Americans to collectively spend about $6 billion a year for the holiday. Did America stray too much from the origin of this holiday? Have we gone too far in commercializing Halloween?