Study: Halloween spending breaks glass ceiling
It’s no trick: Halloween spending is at an all-time high.
As Americans continue to splurge on their favorite candy and costumes in preparation for the upcoming Halloween season, the National Retail Federation’s annual survey reported that spending is expected to reach $8.4 billion — the highest level in the study’s history.
With more than 171 million Americans planning to partake in Halloween festivities this year, U.S. consumers are expected to spend an average of $82.93 on their Halloween preparations. This is an increase from $74.34 last year, the report said.
Overall, consumers plan to spend $3.1 billion on costumes, and 67% of shoppers will drive this revenue. They will search for costume inspiration online (35%) and in-store (29%), but social media is the fastest-growing influencer when choosing the perfect costume. The top destination is Pin-terest, which has seen 133% growth since 2012, the study said.
Meanwhile, shoppers will spend $2.5 billion on candy, $2.4 billion on decorations, and $390 million on greeting cards, the report said.
When they are ready to make their Halloween purchases, 47% of shop-pers will visit discount stores, and 36% will visit a specialty Hallow-een/costume store, up from 33% last year. In addition, NRF reported that 26% of customers will visit grocery stores/supermarkets, 23% will visit department stores, and 22% will shop online.
“Consumers are eager to celebrate Halloween, especially given that eight in 10 Americans will shop by mid-October. That is the highest we have seen in the survey history,” said Prosper Insights principal analyst Pam Goodfellow. “Americans will enjoy taking advantage of early-bird pro-motions, both online and in-store, as they kick off the fall season.”