Halloween Spending at All Time High

Halloween

With Halloween being one of the fastest-growing consumer holidays, companies like Halloween Spirit, Halloween city, and all of the other similarly themed retailers who are looking to take advantage of higher holiday spending at this time of year will be overcrowded with revelers. According to the International Council of Shopping Centers (ICSC) the Halloween consumer survey anticipates that almost three-quarters (74 percent) of the American household, plan to spend money on Halloween items. This same survey anticipates that Americans are expected to spend over $11.3 billion in the same related items.

These survey numbers indicate that average households will likely be spending around $125 on costumes, decorations, and other related holiday items. Analysts are looking at what the biggest factors for these participants when making a decision to shop at a specific store. According to the ICSC’s back to school shopping survey, the respondents revealed that sales and promotions were the major factors.Of these consumers, 64 percent of them stated that sales and lowest price were the biggest influences. These numbers indicate that this year’s Halloween spending is expected to be at an all time high.

Over the past several years, Halloween has become a far more prominent holiday than was previously the case. Tron, a spokesperson for the ICSC, said that this increased consumer demand has driven the decision of retailers to adjust their emphasis.  Not only is this industry growing here in America, but in Canada as well.According to Canadian statistics, Canadians have been more involved with celebrating this holiday. In 2009, $331 million was spent on candy alone. The numbers have only continued to grow since then. The increase in spending for this year’s celebrations show positive signs for this holiday’s shopping season. This projects to result in an upturn for the economy. With the increase of active participants and spending, there ought to be a corresponding increase in traffic and volume for retail businesses all over the country.  In addition, the fact that Halloween falls on a Friday this year should also be a boost as celebrations can extend in many cases to encompass the entire weekend.  This gives busy families the time to do last-minute shopping and it gives businesses in this particular industry the chance to get rid of inventory for an extra few days.

Seeing the trend in Halloween spending reaching an all time high, many entrepreneurs may decide that this could be the perfect time to start a new business that caters to those participating in this popular holiday. The pop-up retail outlet business might be a good place to start.  It is only becoming more and more popular as the concept of temporary retail outlets centered around a specific holiday is proving to be a successful model.  Several  companies are booming around this time of year and around other holidays which cater to specific decoration or costume themes. Those able to create a successful model around this concept may find space limited, however, as appropriate locations are being filled more rapidly with the increased volume of similar companies.  It may be worth the effort for some, however, as the Halloween retail industry is worth over $7 billion and the numbers continue to climb.

By Rashawn Hood

Sources:
Racked
ICSC
Forbes
SbinfoCanada
National Retail Federation

Image courtesy of John Fowler – License

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