Report: Halloween Spending to Hit $5.77 Billion
Washington D.C. The spookiest holiday of the year may bring a bit of cheer to consumers and retailers. According to the National Retail Federation’s (NRF) Halloween Consumer Intentions and Actions Survey, conducted by BIGresearch, more consumers plan to celebrate the holiday this year (64.5% vs. 58.7%). The survey found that the average person plans to spend $66.54 on the holiday, up from $64.82 one year ago. Total Halloween spending for 2008 is estimated to reach $5.77 billion.
“Though the economy is struggling, Halloween sales may be a bright spot for retailers this fall,” said Tracy Mullin, NRF President and CEO. “Consumers—who have been anxious and uncertain for the past several months—may be looking at Halloween as an opportunity to forget the stresses of daily life and just have a little fun.”
Consumers will spend an average of $24.17 on Halloween costumes (including costumes for adults, children, and pets). People will also be buying candy ($20.39 on average), decorations ($18.25) and greeting cards ($3.73).
Halloween remains popular with young adults, as 18-24 year-olds plan to spend $86.59 on the holiday, the most of any group.
“After months of bleak economic news, consumers are looking for a reason to let loose,” said Phil Rist, VP of strategy for BIGresearch. “And with Halloween falling on a Friday this year, consumers may plan to celebrate all weekend long.”