Retail

Halloween Spending Forecast To Break Records

Halloween

According the National Retail Federation (NRF), Halloween this year will see record-breaking shopping numbers. More people will be celebrating, which will mean bigger spend on Halloween costumes, candy and pumpkins in 2017 than in previous years. The NRF is forecasting the whole shebang will cost approximately $9.1 billion, up 8.3 percent from last year’s previous record of $8.4 billion.

“Americans are planning to spend more than ever as they gear up for Halloween,” said NRF president and CEO Matthew Shay. “Retailers are helping customers celebrate in style, with a huge selection of costumes, candy and decorations to cater to ghosts and goblins of all ages.”

Average spend among consumer will grow to $86.13, up from last year’s $82.93. On top of that greater per capita amount, 179 million Americans are joining the Halloween party game this year, up from 171 million in 2016. Only 12.9 percent say their spending will be impacted by the economy, down from 14.1 percent last year and a peak of 32.1 percent in 2011.

Breaking down Halloween shopping spending a little more, 69 percent of consumers plan to by Halloween costumes and will spend a projected $3.4 billion on them. Another $2.7 billion will be spent on decorations and $410 million on greeting cards.

Additionally, 71 percent of shoppers plan to hand out candy, 49 percent will decorate their homes or yards, 48 percent will wear costumes, 46 percent will carve pumpkins, 35 percent will throw or attend a party, 31 percent will take their children trick-or-treating, 23 percent will visit haunted houses and 16 percent will dress pets in costumes.

Approximately one-third of consumers will look online for their Halloween inspirations this year, the NRF predicted, while 20 percent will ask their families and 18 percent will troll social media. Discount stores should expect to see 47 percent of consumers shopping there, while 38 percent will go to specialty Halloween stores or costume stores. In addition, 25 percent will visit supermarkets, 24 percent will buy at department stores and 22 percent will shop online.

“Halloween continues to be a highly anticipated holiday for Americans, who will spend a record amount this year with increases across all purchasing categories,” said Prosper Insights principal analyst Pam Goodfellow. “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.”

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