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|August 19, 2018|
Halloween spending rivals Christmas
SOUTHLAND – (INT) - Halloween spending is headed over the top for retailers looking to cash in on what’s becoming the most bankable time of the year.
Halloween apparel and displays appeared in stores weeks ago and there are some party shops offering everything ghosts and goblins need year ‘round.
Halloween spending should hit a record this year.
Total amount spent around the spooky season is forecast to reach a new high of $9.1 billion, with 179 million Americans planning to partake in Halloween festivities, up from 171 million in 2016, according to the National Retail Federation.
In 2016, total spending hit $8.4 billion, another record at the time.
Consumers are expected to spend an average of $86.1 each for Halloween, compared with last year's $82.93.
And shoppers plan to spend the most, or $3.4 billion, on costumes; $2.7 billion on candy; about $2.7 billion on decorations; and $410 million on Halloween-related greeting cards, NRF said.
In search of Halloween-related goods, 47 percent of shoppers told NRF they will visit discount stores, while 38 percent said they will go to a specialty shop. Twenty-five percent of shoppers surveyed said they will visit supermarkets, 24 percent plan to go to department stores, and 22 percent are looking online for deals.
"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 Pam Goodfellow, an analyst with Prosper Insights.
"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 told CNBC.
Story Date: October 24, 2017