Halloween expected to scare up more than $7 billion in sales
NEW YORK — Halloween is not just an exclusive holiday for sweets-obsessed kids in costume — it has evolved into an all-inclusive family holiday, according to a Halloween 2014 preview from Fung Business Intelligence Centre. And the sales generated from Halloween are anything but spooky: Halloween is expected to contribute $7.4 billion to retail sales, representing a 7% rise from last year.
Along with costumes, consumers are doling out their dollars for other festive items:
Decorations: The National Retail Federation projects the average per person Halloween spend to total $77.52 this year, up 60% from 2005. Technological advances have helped drive sales, as decorations that animate, light up and have motion-sensor capabilities are at the top of the list for consumers. The NRF projects sales for decorations alone will hit the $2 billion mark.
Candy and greeting cards: Halloween is synonymous with the sweet stuff. Consumers are expected to spend $2.2 billion on candy this year. Nearly 36% of people will send Halloween greeting cards.
The fact that Halloween falls on a Friday this year is also good news for retailers. Stronger sales are anticipated since both children and adults will stay up later to celebrate and possibly attend more than one Halloween party. The economy continues to play a major role in how consumers will spend during the holidays. According to FBIC, half of those consumers celebrating Halloween will shop at such retailers as Walmart, K-Mart and Target to get more for their dollar.
