Halloween spending scarily strong may hit record of $9.1 billion – By Jade Scipioni (foxbusiness.com) / Sept 22 2017
Americans are planning to go all out this year for Halloween.
According to the National Retail Federation (NRF), consumers are expected to spend a record $9.1 billion on costumes, candy and pumpkins. That number is up nearly 8.3% from last year’s estimate of $8.4 billion.
The average consumer is expected to spend around $86.13 to gear up for holiday, up from last year’s $82.93. The reason says NRF is that more Americans are planning to partake in the festivities then years past. This year, a record number of adults (48%) say they even plan to dress in costume.
“Halloween continues to be a highly anticipated holiday for Americans, who will spend a record amount this year with increases across all purchasing categories,” Prosper Insights principal analyst Pam Goodfellow says.
But the bad news, Goodfellow says, is that 47% of those shoppers say they plan to visit discount retailers to get their supplies, while 38% say they will go to a specialty shop.
“Expect consumers to be on the lookout for early-bird promotions both online and in-store as they hunt for the best items to complete their costumes and embellish their homes,” she adds.
Shoppers plan to spend the most—$3.4 billion in total—on costumes this year with 35% of them planning to search online. Other sectors like candy, decorations, and greeting cards will also see a boost. Nearly 95% of participants say they plan on buying some sort of sweet treat giving candy retailers a $2.7 billion bump.
The good news though is Halloween classics like witches, batman characters, animals and pirates are still some of the most desired looks this season.
NRF, in a partnership with Prosper Insights, surveyed over 7,000 consumers about their Halloween shopping plans and they have released this report since 2005.
PB/TK – Not sure how people are gonna spend over $9 billion on Halloween when stores already have Christmas decorations on the shelves!!