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Halloween spending to reach “scary” $12.2 billion in 2023

Posted By: REjournals on October 17, 2023.  For more information, please click here to read the source article.

Halloween spending is on track to reach $12.2 billion, exceeding last year’s $10.6 billion record, according to the National Retail Federation’s annual survey conducted by Proper Insights & Analytics. Seventy-three percent of folks will participate in Halloween-related activities this year, up from 69% in 2022.

Like in previous years, the most popular ways consumers plan to enjoy the evening are handing out candy (68%), decorating their homes or yards (53%), or dressing in costume (50%). And in a return to pre-pandemic norms, more people plan to throw or attend a party (32%) or take their children trick-or-treating (28%).

Individual spending is also on the rise, with consumers planning to spend an average of $108.24 each, up from the previous high of $102.74 in 2021. The most significant increase in spending is on costumes, which are more popular than ever.

Sixty-nine percent of those participating in festivities plan to purchase costumes, up from 67% last year and marking the highest percentage in the survey’s history. Furthermore, costume spending is expected to reach a record $4.1 billion, up from $3.6 billion in 2022.

Spending on decorations is projected to reach $3.9 billion. Among those celebrating Halloween, over 77% plan to buy decorations, on par with last year, but up from 72% in 2019, based on the survey.

Candy spending is estimated to reach $3.6 billion, up from $3.1 billion the previous year. Spending on Halloween greeting cards is anticipated to be $500 million, a slight decrease from the $600 million in 2022 but still higher than pre-pandemic levels.

Similar to other major holidays and shopping events, such as back-to-school and the winter holidays, the NRF found that consumers are looking to start their Halloween shopping early. Nearly half (45%) of those celebrating planned to begin shopping before October.

The primary sources of costume inspiration remain online searches (37%), retail stores or costume shops (28%), and recommendations from friends and family (20%).

And to bring their costume inspo to life? Discount stores (40%) continue to be the go-to, followed by specialty costume shops (39%) and online retailers (32%). Notably, more consumers intend to shop at specialty stores this year than in the past.

Spending on adult costumes is expected to increase by 18% over the previous year, reaching $2 billion, while spending on children’s costumes is projected to rise 20% to $1.4 billion. Pet costumes are expected to reach $700 million, in line with last year’s figures.

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