“The economy is really bad right now,” a phrase that is thrown around a lot. But does the current economic state effect spending on days like Halloween? Does Halloween effect the economy?
While many have begun flocking to discount stores for costumes, and grocery stores for candy (as opposed to traditional party stores or Halloween outlets), the spending has not necessarily gone down. Not only are more people celebrating Halloween (+3%), but spending is increasing too. The average American will spend $77.52 this Halloween, compared to $75.03 last year. At the same time, according to About.com, the average Canadian spends about $300, with an additional $59 on pets.
23 million Americans will dress their pets in Halloween costumes, but at the same time 20% will make their costumes (not buy them) due to the impact of the economy. Going with the theme of cheaper costumes, Value Village has seen 35% growth the last five years in Halloween spending, with Canadian Tire also seeing a profitable pumpkin time. Behind Christmas and summer/backyard season, Halloween is the third most profitable time of year for the company.
Canadians are also more party-hardy than the neighbours to the south, about 33% of Canadians will attend or host a party for Halloween, while only 17% of Americans will do the same.
Lastly, many are turning to the internet for costume inspiration, 21% of youth ages 18-24 are consulting Pinterest for ideas, versus 11% of average adults across all demographics.
Halloween participation and spending are both on the rise, despite 1/5 people saying the economy has affected their spending. Perhaps many are just searching for alternative means to spend their money on the pseudo-holiday, but with 33 million planning to visit a haunted house this year, it’s possible consumers simply are just as unafraid of spending as they are of being physically scared.
Reference: American Statistics