Apparently, not just kids’ costumes are going to be frightening this Halloween.
Consumer spending is going to be pretty scary as well, according to the National Retail Federation.
Consumers are expected to spend an average of $56.31 on Halloween, down from $66.54 last year, according to a study conducted by BIGresearch on behalf of the NRF. Total spending on the holiday is expected to reach $4.75 billion, the retail trade group reported.
Nearly one in three consumers say the state of the U.S. economy will impact their Halloween spending plans, according to the NRF. Of those who said they will be affected, 88% said they plan to spend less overall, 46.5% said they will buy less candy, 35.4% said they will use last year’s decorations without buying new ones, 16.8% said they will make costumes instead of buying them, 15.8% said they will reuse last year’s costumes, and 26.4% said they will participate in fewer Halloween activities, the NRF reported.
“The economy has caught up to Halloween this year,” said Tracy Mullin, President and CEO, NRF, in a statement. “Since retailers know that Americans will be looking to celebrate on a budget, there’s no doubt we will see creative costume and decorating ideas in every price point imaginable.”
Young adults, who were last year’s big spenders for Halloween, plan to scale back dramatically this year, the NRF reported. According to the survey, the average 18-24 year-old will spend $68.56 on the holiday, compared to $86.59 last year and $81.91 in 2007.
“With part-time jobs more scarce and parents unable to help out financially, many young adults have been impacted substantially by the economy,” said Phil Rist, executive vice president, strategic initiatives, BIGresearch, in a statement. “The overriding theme for Americans’ Halloween celebrations this year will be, ‘How creative can I be, and how little can I spend?’”
