Yep you read right, the total Halloween spending to reach $5.77 billion. Halloween celebrations rise as consumers look to escape everyday realities.
The spookiest holiday of the year may bring a bit of needed relief to consumers and retailers. According to the National Retail Federation’s Halloween Consumer Intentions and Actions Survey, conducted by BIGresearch, more consumers plan to celebrate the holiday this year (64.5% vs. 58.7%). This year, 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.”
This year’s survey results are reminiscent from 2002 Halloween data. Though consumers at the time were uncertain about the economy and a host of geopolitical factors, Halloween spending was strong. The holiday was seen as a way for consumers to escape from the uncertainties of daily life. In addition, many consumers at the time saw Halloween as a way to let loose during an otherwise tense period. NRF expects to see some of the same patterns this year for Halloween, as evidenced by the fact that the number of people who plan to celebrate is up and that people plan to spend moderately more than a year ago.
This year, 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.
People will celebrate Halloween in a variety of ways, with the most popular activities including handing out candy (73.7%), carving a pumpkin (44.6%), and decorating (50.3%). Many consumers will also dress in costume (35.3%), throw or attend a party (31.1%), and take children trick-or-treating (33.6%).
“After months of bleak economic news, consumers are looking for a reason to let loose,” said Phil Rist, Vice President of Strategy for BIGresearch. “And with Halloween falling on a Friday this year, consumers may plan to celebrate all weekend long.”
RBR/TVBR observation: This is one holiday that is fun for adults and for the family. Seems radio nor TV has never truly grabbed onto this one day and sometimes a long weekend of fun. Well, with times tight this is the event that all sales and programming departments should be targeting the key outlets in your local market to get their business on your air. Then to cross platform on your stations website and especially using video to display the retailers costumes. Why, because you can bet at the last minute someone is going to need an outfit to go to a party. Just think what you did last year for Halloween.
(source: BIGresearch, www.bigresearch.com)