Costume shops
Costume shops sell fancy-dress clothing for wear during
Fasching or
Halloween.
All the big
department stores have sections devoted to Fasching costumes, but this is seasonal:
And
Aldi have been known to sell very cheap wigs. But there's no predicting which particular branches and when they will have stock in.
C&A and
Woolworth's are both really cheap too.
If you've got an imagination,
Kleidermarkt im Tal have lots of second-hand clothing that can easily be made into cheap costumes.
See also the related TT chat topic:
Halloween costume shops
Shopping
Munich