Halloween 2023: Record-Breaking $12.2 Billion in Spending

Halloween 2023: Record-Breaking $12.2 Billion in Spending

Halloween is creeping up, and it seems like the spooky season is setting records in more ways than one! The National Retail Federation's latest annual survey, conducted by Prosper Insights & Analytics, reveals that total Halloween spending is expected to reach a jaw-dropping $12.2 billion. That's a significant increase from last year's record of $10.6 billion. The big question is: what's behind this surge in Halloween enthusiasm, and how are people planning to celebrate?

First off, it seems like Halloween has gone to the dogs – literally! According to a survey by Honest Paws, 50% of dog owners are planning to include their furry companions in Halloween activities. What's even more surprising is that one-third of these pet parents are willing to splurge more on their doggie's costume than on their own. Can you believe it? Our four-legged friends are getting more dressed up for the occasion!

The survey results show that a whopping 80% of dog owners will be dressing up their dogs for Fall activities this year. And it's not just a quick DIY costume either. The majority, 36%, anticipate spending between $25 and $49 on their pup's costume, with another 18% planning on going all out, spending over $50. So, we'll be seeing some pretty stylish canine Halloween fashion this year.

Now, let's shift our attention back to the humans. "More Americans than ever will be reaching into their wallets and spending a record amount of money to celebrate Halloween this year," says NRF President and CEO Matthew Shay. It's clear that consumers are getting into the Halloween spirit in a big way. But how exactly are they planning to celebrate?

The top ways people are planning to enjoy Halloween include handing out candy (68%), decorating their homes or yards (53%), and, of course, dressing up in costumes (50%). But this year, there's an exciting twist. We're returning to pre-pandemic norms, with more consumers planning to throw or attend Halloween parties (32%) and take their kids trick-or-treating (28%). It seems like Halloween is getting back to its roots as a time for community and family fun.

Per person spending is also on the rise, with consumers planning to spend an average of $108.24 each. This is an increase from the previous record of $102.74 in 2021. So, people are not only celebrating more but also spending more on their celebrations. What's driving this increase in spending?

The greatest surge in spending comes from costumes, which are more popular than ever. Sixty-nine percent of Halloween celebrants plan to buy costumes, up from 67% last year, marking the highest in the survey's history. Total spending on costumes is expected to reach a staggering $4.1 billion, up from $3.6 billion in 2022. It's clear that people are willing to invest in their Halloween looks.

But it's not just about dressing up. Total spending on decorations, which became increasingly popular during the pandemic, is expected to reach $3.9 billion. This year, more than three-quarters (77%) of Halloween enthusiasts plan to purchase decorations, which is on par with last year, but up from 72% in 2019. So, it seems like the trend of transforming our homes into spooky wonderlands is here to stay.

Of course, we can't forget the sweets! Candy spending is projected to reach $3.6 billion, up from $3.1 billion last year. People's love for Halloween treats remains as sweet as ever. And don't forget about those Halloween greeting cards, which are expected to hit $500 million. This figure is slightly down from $600 million in 2022, but it's still above pre-pandemic levels. It seems that a good old-fashioned Halloween card is still a cherished tradition.

Now, let's talk about timing. Just like with other major holidays and spending events, consumers are eager to get an early start on their Halloween shopping. Nearly half (45%) of those celebrating the holiday plan to start shopping before October. This is on par with last year, but it's a significant increase from a decade ago when only 33% were early birds.

But there's a generational twist here. Younger consumers are the most eager to kickstart their Halloween shopping, with more than half of those aged 25-44 planning to shop before or during September. Social media plays a big role in inspiring their costume choices. More people under 25 are turning to platforms like TikTok, Pinterest, and Instagram for ideas. So, if you're looking for costume inspiration, maybe your Instagram feed is the place to be.

And where are people shopping for their Halloween goodies? Discount stores (40%) remain the top destination, followed closely by specialty Halloween and costume stores (39%), and online (32%). Interestingly, more consumers are planning to shop at specialty Halloween and costume stores this year compared to the past. It seems like people are really immersing themselves in the Halloween shopping experience.

When it comes to the types of costumes, adults are expected to spend more, with an 18% increase over last year, reaching $2 billion. Spending on children's costumes is also on the rise, with a 20% increase to $1.4 billion. Our furry friends aren't left out either, with pet costume spending projected to hit $700 million.

So, what are the most popular costume choices? For kids, it's all about Spiderman, favorite princesses, ghosts, superheroes, and witches. Adults, on the other hand, are opting for classic choices such as witches, vampires, Barbie, Batman, and cats. It seems like some things never go out of style.

As for our beloved pets, the top pet costumes include pumpkins, hot dogs, bats, bumblebees, and spiders. It's clear that pet owners are getting creative with their furry friends' Halloween attire.

But what's causing this Halloween spending frenzy? Perhaps it's the return to a more traditional Halloween with parties and trick-or-treating. It could also be that people are eager to make up for the subdued celebrations of the past few years. Or maybe, it's just the sheer joy of dressing up and embracing the spooky spirit.

One thing's for sure: Halloween is more popular than ever, and it's not just for humans anymore. Our dogs are joining the fun with their own costumes, and we're all in for a howling good time! So, as October approaches, get ready to celebrate and embrace the Halloween magic – whether you're donning a costume, decorating your home, or spoiling your pup with a costume of their own. Halloween 2023 is set to be one for the records!

The  One  With  Three  Eyes  👁

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