The National Retail Federation has been conducting research on Halloween since 2003. You may not believe it but this year’s spend on Halloween is expected to reach a high of $8.4 billion. Some 171 million Americans will spend an average of $82.93 on the holiday, up nearly 12% from last year.
The NRF reports three Halloween-related trends captured from their research survey conducted by Prosper Insights. First, Halloween is no longer just for kids. Millennials are the top Halloween consumers and are most likely to spend on costumes and parties and report these activities over social media.
Next, this year represents the second lowest in trick-or-treating, and more activities are shifting to retail venues instead of door-to-door. Finally, costume trends have shifted from princess to superhero. Costumes are more gender neutral, with spending on costumes expected to reach $1.17 billion. And, don’t forget pets – 16% of pets will strut in style in an array of costumes.
So why is this important to you?