As we all prepare for another Halloween this upcoming weekend (observed on October 28th if you live in or around Chicago), the latest report from the National Retail Federation has indicated this year's annual holiday will be the largest ever in terms of consumer spending.
If you live in Chicago (or any other large American city), you are most probably fully aware how seriously people take this holiday. It's not uncommon to find entire city blocks lined with a large assortment of decorations, ranging from blow up ghosts and grim reapers to 20 foot spiders draped over residents' roofs.
America loves Halloween, that is plain to see for the month leading up to the festive holiday. And Americans aren't afraid to open up their wallets to fully celebrate one of its favorite holidays, as seen in the infographic below:
According to data from the National Retail Federation, this year's Halloween will be the largest ever in terms of consumer spending. Americans will spend an incredible $9.1 billion this year, up from $8.4 billion last year, a 8.3% year over year increase. This extremely high level of consumer spending is part of a historical trend, where the dollars spent on Halloween has tripled in the last decade.
To put it in perspective, the average Halloween shopper in the U.S. this year will spend $86 in total, a new record for the holiday.
So, how many Americans are participating in Halloween and what are they spending money on? In terms of the entire U.S. population, over half (55%) will be participating in Halloween this year. This is 179 million Americans, 61% more than viewed the Super Bowl this year. Of those participating, 95% (170 million) will be buying candy while 72% (129 million) will be buying decorations. In terms of costumes, Americans will spend a staggering $3.4 billion.
What are the most popular costumes? For adults, the most popular costume is still the witch. For children, the most popular costume is action/ super hero. And a growing trend is dressing up pets as well; where the most popular costume for pets is the pumpkin.
What are the primary drivers of this immense Halloween sales growth? The answer to this is rather simple actually. It is a combination of Halloween being one of the most budget friendly holidays as well as an increase in economic confidence, which generally leads to an increase in overall consumer spending.
Festive Halloween fans across the nation will be pulling out all the stops for one of their favorite American holidays, resulting in another record sales year in 2017.
We at The Chicago Analytics Group want to wish everyone a very safe and fun Halloween this year!
All the best,
The Chicago Analytics Group
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