Halloween spending figure is eye-watering

The US Federal Reserve has raised its policy interest rate to the 5.25-5.50 percent range, the highest level in 22 years, yet retail spending remains strong.

Retail sales data, which have exceeded market expectations for the last three months, reflect the resilience of American consumers in the face of the Fed's high interest rates, while consumers' Halloween shopping is gaining momentum in the country despite high prices and borrowing costs.

Preparations for Halloween, which is celebrated on the last day of October and involves billions of dollars in spending every year, continue for both retailers and consumers in the US.

For Halloween, one of the country's most popular and fun traditions, stores and supermarkets are filling their aisles with holiday-themed candy, decorations, and costumes, while consumers are showing interest in colorful products and horror-themed decorations special to this day.

73% OF AMERICANS WILL CELEBRATE

According to information compiled by an AA reporter from the results of a survey conducted by the US National Retail Federation (NRF) and Prosper Insights & Analytics with more than 8 thousand consumers, the proportion of Americans planning to celebrate Halloween and participate in related events is expected to exceed last year's figures.

This rate, which rose above pre-pandemic levels to 69 percent last year, is estimated to break a record this year at 73 percent.

Of those who will celebrate Halloween, 68 percent plan to hand out candy, 53 percent to decorate their homes, 50 percent to wear costumes, 32 percent to host or attend a party, and 28 percent to take their children trick-or-treating.

SERIOUS MONEY WILL BE SPENT ON COSTUMES

With the increase in participation in celebrations, spending is also expected to rise. Consumer spending for Halloween, which was estimated at 10.6 billion dollars in 2022, is expected to reach a record level of 12.2 billion dollars this year.

It is estimated that American consumers will spend an average of 108.24 dollars this year on Halloween-themed costumes, candy, decorations, and greeting cards, breaking the record of 102.74 dollars set in 2021.

Costume spending, which is more popular than in previous years and was calculated at 3.6 billion dollars last year, is also expected to break a record this year at 4.1 billion dollars.

While decoration spending, which gained popularity during the pandemic, is calculated to reach 3.9 billion dollars and candy spending is expected to rise to 3.6 billion dollars, greeting card spending is projected to decline to 500 million dollars.

Similar to other major holidays in the country, it is stated that consumers are looking for ways to start their Halloween shopping early, while consumers under the age of 25 are finding inspiration from social media channels to get ideas.

'SPIDER-MAN' COSTUME IS IN DEMAND

It is noteworthy that popular culture products, such as characters from movies and television shows, are influencing the costume choices of many children and adults this year.

In Halloween celebrations, 2.6 million children are planning to wear a Spider-Man costume, while 2 million children want to wear their favorite princess character, 1.6 million children a ghost, 1.5 million children a superhero, and 1.4 million children a witch costume.

This year, more than 5.8 million adults are choosing a witch costume, approximately 2.4 million adults a vampire, 1.8 million adults Barbie, more than 1.4 million adults Batman, and 1.3 million adults a cat costume.

Among the most popular costumes that animal lovers are considering putting on their pets are the pumpkin costume at 11 percent, the hot dog costume at 7 percent, and the bat costume at 4 percent.