Halloween spending has increased this year to $9.1 billion, up from $8.4 billion in 2016 according to the National Retail Federation. But who is spending the most and why? Well it is Millennials, and you can give a big thanks to social media for the increase in spending.
Millennials are expected to spend $183 each on candy, costumes, decorations and other Halloween items- while Generation X will only be spending $70 and Baby Boomers $23. So Millennials my question is- why are we spending so much?!
Turns out, our generation is more likely to spend more on experiences as we value them more than material items. Also, with social media being such a huge part of our lives, we are spending more so that we have more Instagram worthy shots to share with our friends and family.
Could you wear the same Halloween costume to the three parties you’re planning on attending? No way. If you did, would you be posting those photos? Most definitely not.
No worries though, as Millennials tend to be better at managing money than the generations before us. So go ahead and feast on all the Halloween goodies out there Mill’s!
What I was most interested in though, was how much we were spending in store versus online this year. The National Retail Federation had a perfectly laid out graph that you can view here, on how much we are spending where- and the results were pleasantly surprising.
Discount and Halloween specialty stores are where most consumers will be spending their money on tricks and treats. Online sales actually made it 5th on the list with 23%, behind grocery and department stores.
How is that Halloween stores are able to keep customers coming through their doors versus buying their costumes and decor online? It could be that 30.3% of Halloween celebrants are looking for inspiration within a retail store.
When it comes to this holiday, we are still seeking the advice and experiences offered at a physical Halloween specialty store. These stats are reassuring, as it just shows that theres a chance that retailers can stay open if they just find a way to keep experiences going in their store.
How much did you spend on Halloween this year? Did you do most of your shopping online, or in store?