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?
Let’s focus on the first trend. If you employ Millennials, be prepared for some Halloween tchotkes to arrive in your work place (if they already haven’t) by Monday. Trouble engaging Millennials? Create a spontaneous Halloween-themed activity that dovetails on one of your current initiatives. You don’t need to figure out what to do – ask your younger employees for ideas.
What’s important to remember is this: when you enter the conversation that’s on the minds of your stakeholders, in this case, your staff, you become more connected. Ultimately this builds better relationships.
Try a little Halloween magic in your office and let me know how it goes.
Have a great week!
Quote of the Day
“If man harbors any sort of fear, it makes him landlord to a ghost.”
– Lloyd Douglas
October 27th Trivia
In 1927, the first newsreel with a soundtrack was released.
On this day in history
The first section of the New York City subway opened in 1904. It was the first underground and underwater subway in the world.
Originally published in Executive Insight Tip of the Week
October 27, 2016