Halloween may be one of the most popular holidays for children, but retail professionals are looking forward to it with high anticipation, albeit for different reasons.
The National Retail Federation (NRF) has released its annual survey results that examine the economic impact of Halloween in the United States.
While the numbers do not bare record totals, 2019 is expected to be a strong year for businesses involved with the holiday. The NRF projects a total spend of $8.8 billion, down $200 million from last year and $300 million from the record high $9.1 billion spent in 2017.
According to the survey, $3.2 billion will be spent on costumes and $2.6 billion of candy will be purchased, which 95 percent of survey respondents said they will buy the latter.
On average, consumers will spend $86.27, down from last year’s all-time high of $86.79. The NRF claims 172 million Americans are expected to participate in the holiday this year, 68 percent of those surveyed.
Tech is also playing a role in Halloween this year, continuing a trend from the past few years. More and more, participants are turning to social media for costume inspiration. Instagram has inspired Halloween purchases for 14 percent of survey participants, up from 7 percent in the same survey in 2015. Pinterest leads the way with consumers among social media platforms, inspiring 18 percent of respondents.
Thirty-five percent of survey respondents said online searches would influence their costume, compared to 20 percent who plan to draw inspiration from friends and family.