The pitch:

Morphsuits, a Scottish costume company that specializes in skintight outfits that cover the entire body (face included), has taken trick-or-treating to the next level with its “million pound Morphsuit.” Yes, a costume that costs £1 million (or roughly $1.6 million if you’re on this side of the Atlantic), and one virtually guaranteed to make your financial advisers scream.

The $1.6 million Morphsuit

What makes it so pricey? Naturally, it’s the bling factor. As the company cheekily puts it, the costume is covered in “shiny things” — meaning lots and lots of diamonds. “You’re a walking glitter ball,” says Gregor Lawson, one of the three Morphsuits founders. (By the way, the company, which started as something of a gag among friends four years ago, has grown into a sizable business and has sold roughly a million Morpsuits to date.)

Lawson insists the costume isn’t a cheap publicity stunt. Rather, the concept emerged from Morphsuit fans, he explains, noting that the company reached out to them for new ideas via its Facebook page. In a sense, it’s part of the brand’s evolution: The company started with single-color Morphsuits (in black, blue and red, among other colors) — essentially, the blank-slate variety — but has since gone on to create themed versions imprinted with different designs. There’s a Red Power Ranger Morphsuit, a Werewolf Morphsuit, even a Beating Heart Zombie Morphsuit. (Generally, Morphsuits run $50 to $65.) Lawson says the Morphsuit crowd decreed a diamond-studded suit as the next logical step. “I can’t take responsibility” for the idea, he says.

But how much demand is there for a $1.6 million Halloween costume? So far, Morpshsuits has produced just one of the item — and it concedes it has yet to sell it. “We’re going to hold out till the end of Halloween,” says Lawson of the sale prospects. But should the suit suddenly prove popular, Lawson says Morphsuits is more than ready to make additional ones.

The reality:

It almost goes without saying, but let it be said in any case: You don’t need to spend a million dollars to make a statement with your Halloween costume. In fact, the average amount spent on a costume is $51, according to a new survey by Savers/Value Village Thrift Stores.

Big Spender: The $1.6 million Halloween costume

Generally speaking, store-bought costumes fall into two categories, according to costume and retail professionals. Basic costumes (typically, $20 to $100) tend to be made from cheaper fabrics (think synthetics like polyester and vinyl) and aren’t very form-fitting. “They’re decent quality but really only last for one year’s worth of wearing,” says Sarah Chamberlain, marketing director with Yandy.com, an online retailer that specializes in Halloween garb. Go a step up (typically, $100 to $300) and you get into outfits with natural fabrics (cotton, wool) and more realistic detail (say, belt buckles or floral headpieces). Is it worth the extra money? It might just be “if you plan on wearing the costume for years to come,” says Robert Browne of HalloweenCostumes.com, another online specialist. (But it’s worth keeping in mind that a very “current” costume — like something playing off the Kim and Kanye or “Breaking Bad” phenomena — might not wear as well a few years down the road.)

Of course, there’s a level beyond all this — namely, costumes in the custom-made and stage-worthy vein. Indeed, there are plenty of companies that specialize in the very thing: CustomMade.com, an online marketplace for custom goods, has pros that can turn you into Batman (latex suit and all) for up to $1,500 or the Creature from the Black Lagoon for up to $2,000. “Pretty much anything a customer can imagine can be made,” says Katie Martell of CustomMade.com.

Most popular Halloween costumes in 2013

A final option? Make your own costume. Pros suggest there are plenty of ways to do it on a budget using clothes already in your closet and some simple accessories that can be found at your local dollar store (don’t forget the makeup while you’re there, either). RetailMeNot.com senior editor Trae Bodge makes the point that the cleverest ideas can also be the cheapest (and easiest to assemble). An example: She suggests wearing your standard garb for Halloween with the key addition of a sign that reads, “Nudist on strike.”

Still, if you want that diamond-studded Morphsuit but don’t have a spare million in the bank, Morphsuits’ Lawson has at least one other “fancy” option to suggest: the Tuxedo Morphsuit, with a black-tie design. It runs $64.95.