The National Retail Federation’s annual survey, conducted by Prosper Insights & Analytics, projects that consumers will splurge a record-breaking $12.2 billion on Halloween candy, costumes, and decorations.
“More Americans than ever are set to embrace the Halloween spirit by opening their wallets and breaking spending records,” says Matthew Shay, NRF President and CEO.
This year’s Halloween expenditure is anticipated to surpass pre-pandemic levels, with the highest spending noted at $9.1 billion in 2017, dipping to $8 billion during the pandemic in 2020. This year, consumers are expected to shell out $108.24 per person, up from $100.45 in 2022.
The survey, which collected responses from 8,084 consumers regarding their Halloween shopping plans, reveals that 68% plan to celebrate by distributing candy, 53% will decorate their homes and yards, and 50% intend to don costumes. Additionally, 32% of respondents plan to host or attend a Halloween party, while 28% will take their children trick-or-treating.
The Rising Costs of Candy and Costumes While inflation plays a role in the increased cost of goods, a sugar shortage is also a contributing factor to the rising candy prices. Sugar prices reached their highest levels since 2012 due to adverse weather conditions in China, India, and Thailand, as reported by The Wall Street Journal earlier this year.
On the flip side, the NRF survey highlights that customers are exploring cost-effective options, with 40% planning to shop for Halloween items at discount stores, followed by 39% at specialty Halloween and costume shops, and 32% opting for online shopping.
Where Is the Halloween Budget Going? Costumes take center stage in holiday spending this year, projected to generate $4.1 billion. Halloween decorations are the next big thing, expected to bring in $3.9 billion, followed by candy at $3.6 billion.
While witch and ghost costumes remain popular among adults, children, and pets, this year’s film releases have also influenced costume choices, with “Barbie” and “The Super Mario Bros. Movie” characters making appearances. The Wednesday Addams character from the Netflix series “Wednesday” also ranks among the top choices for children’s costumes this year.
Also read: Queen of Halloween Leesa Rowland Hosts “The Royal Halloween Ball 2022”
