When you think of fourth quarter consumer spending, you usually think of Black Friday, Cyber Monday and all of the holiday shopping craziness that seems to happen after Thanksgiving every year.
So many brands and businesses are focused on these big shopping day events, but the funny thing is that many of them are overlooking the earnings potential in Halloween shopping!
Based off the latest numbers from the National Retail Foundation, it's estimated that over $6.9 billion dollars will be spent on Halloween related purchased this year.
It's also interesting to note that Halloween costumes will only account for nearly one-third of all Halloween related purchased.
Through NRF's data and the Halloween consumer spending infographic below, we are going to take a look at some of the key points and trends when it comes to identifying Halloween spending and how your business and brand can get in on the action year after year.
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Halloween Consumer Spending is Through the Roof
As mentioned, Halloween is all about dressing up and running around in scary costumes, but the majority of money being spent on Halloween is actually widely spread out. Of the 157 million Americans who plan to celebrate Halloween this year, 68 million of them are planning on dressing up and buying costumes. While not everyone will be dressing up and spending money on costumes, 49 million people will be attending parties or holding ones of their own. This means a lot of money will also be spent on food, decorations, entertainment, travel and more.
When it comes to Halloween costumes, the majority of money is going to be spent on adult costumes, which comes in around $1.2 billion in sales. Children's costumes aren't very far behind, at the $950 million mark. It's not just adults and children that will be getting in on the Halloween costume action, but also pets too! 20 million people are planning on dressing up their pets in costumes while also spending $350 million collectively in the process!
While the core basics of Halloween continue to stay the same year after year, the process of how we choose costumes and purchase them is changing. Thanks to the power of the internet and mobile devices, 49 percent millennials are now searching online for costume ideas and where to get the best prices. With more people using the internet, we are seeing a downturn in how many people actually take the time to visit a local costume shop to make their purchases, which is currently at 34 percent.
Social media is also playing a huge part in Halloween, with both the costume decision process and how this holiday moments are being shared. 24 percent of millennials are using the internet and social media to find costume ideas, which are usually based off world and entertainment news, pop culture and what's currently trending online. The most popular social networks for sharing Halloween related content, pictures and media are Pinterest, Facebook and Instagram.
One of the most important factors to note about consumer spending during Halloween is that it's spending that happens throughout the course of October. 4 out of 10 Americans will begin their Halloween shopping within the first two weeks of the month while another 25 percent are waiting until the last two weeks of the month to pick up any last minute purchases or spur of the moment parties they might need to be attending.
The business of Halloween is a great one to be in. Not only is it an even that happens year after year, but it's also one that people simply love to spend time and money on. Even if you business or brand doesn't have a direct correlation to Halloween or costumes, there are still plenty of ways you can integrate your branding and marketing efforts around the holiday.
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