Trick or Treat: Halloween Spending on the Rise
It seems Halloween is not just for kids anymore. Adults are joining in on the fun and having a significant impact on the economics of the holiday. Halloween expenditures are expected to hit record numbers this year. The fact that the holiday falls on a Friday this year encourages even more spending.
The National Retail Federation surveyed 6,332 consumers and predicted the following trends:
- Overall projected spending on Halloween products in 2014 will reach $7.4 billion.
- Shoppers will spend $2.8 billion on costumes overall in 2014. Of that total, around $1.4 billion will be spent on adult costumes and $1.1 billion on children’s.
- 162 million people are expected to celebrate Halloween in 2014, up from 158 million in 2013.
- 16% of people will turn to pop culture for costume inspiration.
- About 1/2 of all shoppers plan to buy Halloween items at discount stores and 1/4 of shoppers will head to their local grocery store. And those people will start shopping early – about 1/3 will start before October.
- The economy still has an impact. 20% say they will make their own costume and 8% say they will not hand out candy at all.
- The average young adult (ages 18-24) will spend $87 on Halloween activities, with about 78% of that age group dressing up in costume in 2014.
- 23 million people will dress their pets in costumes, spending approximately $350 million on those furry friends!
- 33 million people will get into the Halloween spirit by visiting a haunted house.
- 54 million people will throw or attend a Halloween party.
Social Media will experience the sugar high as well. Consumers surveyed indicated that they will use social media sites such as Pinterest for costume, treat, and party ideas.
How will you spend the holiday? Yahoo recently released the most searched costumes for 2014, which had Ninja Turtles and the Frozen characters topping the list. So, whether you’re going as a superhero or a princess, have a safe and fun Halloween 2014!