Break out the candy corn, Halloween spending is expected to reach $9 billion online and offline, according to the National Retail Federation (NRF). And when it comes to buying costumes and other Halloween supplies, 24 percent will buy online.
NRF’s annual survey, conducted by Prosper Insights & Analytics, indicates 2018 spending will be the second highest in the survey’s 14-year history. The figure is relatively the same as last year’s previous record of $9.1 billion.
“The economy is good and consumer confidence is high, so families are ready to spend on Halloween this year,” NRF President and CEO Matthew Shay said. “Retailers are stocking up to supply children, pets and adults with their favorite decorations, candy and costumes for the season.”
It’s fascinating to see where shoppers get their inspiration for costumes: 35 percent of consumers will look online, 29 percent will look in stores, 19 percent will ask friends and family, 19 percent will look to Pinterest and 16 percent will look to Facebook; 16 percent will be influenced by pop culture and 15 percent by YouTube.
And it’s not just costumes for human beings – Prosper Insights Executive Vice President of Strategy Phil Rist said one of the biggest trends this year is the growth of spending on pet costumes. That’s thanks to younger adults. “Out of the 31.3 million Americans planning to dress their pets in costumes, millennials (25-34) are most likely to dress up their pets, the highest we have seen in the history of our surveys,” Rist said.
Shoppers are planning to spend an average of $86.79, up from last year’s $86.13, with more than 175 million Americans planning to partake in Halloween festivities this year.
SOURCE: NRF Press Release