Halloween spending is expected to reach a record-breaking $12.2 billion this year, according to the National Retail Federation’s (NRF) annual survey. This surpasses the previous year’s record of $10.6 billion. Participation in Halloween activities is also increasing, with 73% of people planning to join in, up from 69% in 2022.
Americans are showing greater enthusiasm and financial commitment to Halloween with many starting their shopping early for decorations and other festive items. Retailers are ready to cater to the demand.
The survey highlighted popular Halloween activities. Most people plan to give out candy (68%), decorate their homes (53%), and wear costumes (50%). There’s also a resurgence in pre-pandemic traditions, with more individuals planning to host or attend parties (32%) and go trick-or-treating (28%).
On average, consumers are expected to spend $108.24 each, up from $102.74 in 2021. Costumes are gaining more popularity, with 69% planning to buy them, the highest ever recorded. The total costume expenditure is predicted to be $4.1 billion, an increase from $3.6 billion in 2022.
Decorations are another significant expense, expected to reach $3.9 billion. Candy expenditure is projected at $3.6 billion and greeting cards at $500 million. Interestingly, 45% of consumers plan to start their Halloween shopping before October, a notable rise from 33% ten years ago.
Younger shoppers, especially those aged 25-44, are enthusiastic about early shopping. Social media platforms like TikTok, Pinterest, and Instagram are becoming popular sources for costume ideas. When looking for inspiration, most people turn to online searches (37%), retail stores (28%), and advice from friends and family (20%). Discount stores are the top shopping destinations (40%), followed by specialty costume stores (39%) and online retailers (32%).
Adult costume spending is set to rise to $2 billion, and children’s costumes to $1.4 billion. Pet costumes will likely remain steady at $700 million. Popular costume choices for kids include Spiderman, princesses, and ghosts, while adults favor witches, vampires, and Batman. For pets, pumpkin and hot dog outfits are favorites.