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Dive Brief:
- Consumers are expected spend $11.6 billion on Halloween this year, a decline from last year’s record $12.2 billion, according to a National Retail Federation survey conducted by Prosper Insights and Analytics. The survey found that nearly half (47%) of respondents had begun their Halloween shopping before October, up from 37% five years prior.
- Shoppers plan to spend $103.63 on average, down slightly from last year’s record of $108.24, according to a survey of nearly 8,000 consumers. Over a third (37%) of consumers plan to buy their Halloween items at discount stores, followed by specialty Halloween/costume stores (33%) and online (33%).
- The report projects that shoppers will spend $3.5 billion on candy, $3.8 billion on decorations, $3.8 billion on costumes and $500 million on greeting cards.
Dive Insight:
After years of rising Halloween spending, consumers have been spooked out of spending at record levels this year. In 2022, the NRF predicted that shoppers would spend $10.6 billion on Halloween, an increase from $10.1 billion in 2021. Last year, the trade group predicted that shoppers would spend $12.2 billion on the holiday.
The NRF survey provides some insight into why shoppers are heading to stores before October to get their Halloween shopping done. While nearly half (48%) of shoppers attributed their early Halloween shopping to looking forward to fall, 38% said they did so to avoid the stress of last-minute shopping, the survey found.
“Interest in early Halloween shopping continues to be dominated by the 25-34 age group, with 56% of shoppers in this group kicking off their shopping before October,” Prosper Executive Vice President of Strategy Phil Rist said in a statement. “Their love of the holiday is a key factor in this trend, with nearly half of this segment sharing that they plan to shop early because Halloween is their favorite holiday.”
Consumers also began their Halloween shopping early last year. A Jungle Scout report released last October found that Amazon searches for Halloween costumes for adults spiked 395% in August 2023.
Spirit Halloween, which states it is the nation’s largest Halloween retailer, announced plans to open a record-breaking 1,525 locations this year. In June the retailer said they were hiring 50,000 seasonal sales associates and store managers.
via https://www.aiupnow.com
Tatiana Walk-Morris, Khareem Sudlow
