Halloween industry booms with $11.3 billion in expected sales
Most households spend well for Halloween, but still keep an eye on prices.
|Photo provided by Mars Chocolate North America.|
Consumers won’t shy away from Halloween shopping this year, with the average household expected to spend $125 on candy, costumes, decorations and other Halloween items. That’s according to the International Council of Shopping Centers (ICSC) Halloween Consumer Spending Survey.
The figure excludes the 26 percent of households that do not plan to spend money for Halloween.
However, of the households that do plan to indulge, they will not scrimp. Eight out of 10 households plan to spend the same or more as last Halloween, with one in five planning to increase spending.
All told, the spooky holiday is expected to bring in a total of about $11.3 billion in sales this year.
“Halloween has continued to grow in importance over the past several years and consumer demand has driven retailers to place greater emphasis on the holiday,” ICSC spokesperson Jesse Tron says. “The fact that consumers are willing to spend more on discretionary purchases is a positive sign for the upcoming holiday shopping season.”
Shoppers may be willing to spend, but the price tag is still important.
The survey shows that 64 percent of consumers choose where to shop based on low prices or sales. The ability to physically see or try merchandise and convenience are also factors, attracting 31 percent and 29 percent of consumers, respectively.
In line with the strong preference for good deals, discount stores are expected to take the biggest share of consumers’ location choice, at 34 percent. Supermarkets should take 18 percent of purchases, followed by clothing and costumes stores (13 percent), drug stores (11 percent) and wholesale clubs (9 percent).
Despite online shopping only taking a meager 7 percent share of Halloween purchases, the Web will still play a major role for many consumers. This Halloween season, 41 percent of households plan to research and plan their purchases online before buying in-store, a trend sometimes referred to as called “webrooming.”
Shopping centers and malls will also serve as a hub for Halloween activities in addition to shopping. Of the parents planning to take their children trick-or-treating, 17 percent will also attend a Halloween event at a shopping center this year.