Halloween is second only to Christmas in spending
There is one market segment that flourishes abundantly during two particular times each year. Thinking which one could it be? Think harder. NO? Well, it is the candy industry. When it comes to consumer spending, this sector faces the most soaring sales around Halloween and then Christmas. But speaking generally, the consumer spending tends to increase the most around Christmas and then on Halloween. The event of spooks and costumes has recently emerged as a higher consumer spending event, particularly in the US. As observed by the National Retail Federation, people have started to spend tremendously on Halloween decorations and treats for kids.
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We cant really be sure when this spending started to take a flight so high but one thing has really become obvious now and that is the fact that both kids and adults are looking forward to this event more than often now. And with excitement comes loads of shopping. According to the projections of the NRF of consumer spending, around $6.9 billion was spent on Halloween last year. This means $75 per person, showing a notable increase from $30 since 2005.
It has been estimated that 70 percent of Americans will buy Halloween decorations, slightly edging out those who decorate for Christmas. The $21 average spent on life-size pumpkins, skeletons and more is second to the $51 shoppers will spend on Christmas, Hanukkah and Kwanza decorations. This is even more than what retailers enjoy on Easter; the number of people buying sweet treats for Halloween actually beats out Easter, at 95 percent compared with 91 percent.
The retailers also enjoy this booming festival since it kind of becomes part of the basic holiday season and it comes as no surprise that winter holidays account for nearly 20 percent of total annual retail sales for retailers. If we look into the spending of last year, those celebrating holidays had spent an average of $730 on gifts, food, decorations and more and NRF says that holiday sales increased 3.8 percent to $602 billion.
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