It is said that during Halloween, the nights become chiller and longer, the barrier between the two worlds— the world of the living and the world of Dead—becomes thinner. At present, it doesn’t seem spookier than the Coronavirus pandemic. Consumers are more cautious and find a safer way to celebrate Halloween this year.
Despite the pandemic, approximately 148 billion consumers are still planning to celebrate the day, though the spending might drop a little bit this year. According to the National Retail Federation‘s annual survey, spending will decrease by 8.3% in 2020 to $8.5 billion from $8.75 billion in 2019. With a huge surprise, the average per-person spending will increase to $92.12 straight from $86.27 in 2019.
How much do Americans spend on Halloween?
Halloween is indeed a popular tradition in America, but why is it so popular? The reason might be it is a more affordable holiday than Thanksgiving and Christmas, where more than $10 billion is spent every year. Though the pandemic can affect the scene this year, consumers are willing to spend on the things that provide a good value.
Although, 148 billion people in America are still preparing to celebrate Halloween, participation has decreased to 58% from 70% in 2018 and 68% in 2019, due to pandemic. Homebound activities are the most popular, and this year 53% is planning to decorate their home, 46% is preparing to carve pumpkins, and 18% is going to costume their pets. Besides, 62% are still planning to hand out candy, spending almost $11 billion on the sweet stuff.
Apart from these, the Halloween trend mostly lies in the costumes. Americans spend the most on costumes and costume parties. Despite the pandemic, 46% are going to don the spooky costumes this year.
How much will Americans spend on costumes?
This year the top five costumes for adults are expected to be Witch, Vampire, Catwoman, Batman, and Ghost. And the top five for children this year are Spiderman, Batman, princess, and ghost.
Children are dressing up as their favorite character is the best part of Halloween. You can spot little Batman, Spiderman, and Princesses are roaming around and chanting “Trick or Treat.” This year, child costumes range from $25 to $40, without the additional props, makeup, and cauldrons/bags to store candies.
Since a huge number of adults are also dressing up for Halloween, the amount of spending is even higher this year. Costumes for the adults are generally within the range of $30-$60, but it might mount up to a hundred for the enthusiast celebrants.
Not only the adults and children, but their pets are also participating in the Halloween costume celebration. The top favorite costumes for pets this year are foods and living creatures like pumpkin, hot dog, superhero, and bumblebee.
How does it impact the economy?
Despite the pandemic, Halloween indeed has a significant impact on the economy. According to Mathew Shay, President and CEO of the National Retail Federation, “ Retailers are prepared to meet the increased demand for seasonal décor, costumes and other items that allow families the opportunity to observe Halloween safely.”
Halloween will signify how well the retailers will do the other important holiday seasons, as the most anticipated Black Friday is about a month after the Halloween festival. The previous year, 39% of consumers started holiday shopping before November.
Retailers are well-prepared for the holiday season, and so do the consumers. What will the pandemic bring during the holiday season this year? Only time will tell.