The candy, the costumes, the decorations: it appears that excitement – or rather spending – surrounding the upcoming Halloween holiday isn’t quite what it used to be, with consumers expected to spend less on all the revelry associated with the spooky day than last year at just $6.9 billion.
A new report from the National Retail Federation – and based on a poll of 6,754 people – found that nearly 157 million consumers will embrace All Hallows’ Eve by spending an average of $74.34 on costumes, candy and decorations.
While spending nearly $75 per person will likely add up quickly for families, the figure is about 4% less than the $77.52 consumers spent on average last year.
So what’s all that Halloween money going toward?
According to the report, consumers will spend an average of $27.33 on costumes for the whole family, totalling nearly $2.5 billion on store-bought, homemade, large and small costumes.
Adult costumes will provide the bulk of that cost, with $1.2 billion expected to be spent, while $950 million will be spent on children’s’ costumes.
Of course, familiars aren’t leaving out their furry companions: pet costumes are expected to bring in about $350 million this year.
In addition to looking the part for the festive day, nine in 10 consumers also plan to be well prepared with an estimated $2.1 billion or so going toward candy.
As for decorations, two in five Halloween-lovers plan to decorate their home or yard with pumpkins, hay bales and large-scale trimmings. Those costs are estimated to add up to $1.9 billion, or $20.34 per person.
“After a long summer, consumers are eager to embrace fall and all of the celebrations that come with it,” NRF president and CEO Matthew Shay said. “Consumers are ready to take advantage of promotions on candy, decorations and costumes, and retailers are ready to serve them.”
That’s because the NFR found that most consumers are planning to head to the store – or shop online – earlier this year: nearly 34% will start their shopping before the first of October.