Some people think Halloween is just a fun time for children to dress up and eat candy. Perhaps that was true at one point in time. But today Halloween is the second most expensive holiday of the year, rivaling only Christmas. Who would’ve thunk it. Halloween is an $8 billion industry in North America and is growing every year. That’s some serious business.
What’s driving all the spending? Simple modern consumerism lead by media, pop culture, and advertisers. People want to dress up as their favorite characters from this year’s hottest movies (Avengers, Hunger games, Spiderman, Batman, etc) You’ll also see zombies influenced by the Walking Dead, and of course, the Gangnam Style guy. It is not surprising why some Halloween specialty stores set up business only in October, sell their products, and then shut down in November. They only pay one month for rent to get a piece of the $2.9 billion pie that consumers spend on costumes each year.
It’s not just costumes for people either. 11% of Canadians are expected to spend up to $59 dressing up their dog. An average family will spend $300 on Halloween this year. That includes an average of $60 per costume, and the rest on decorations and greeting cards. Canadians are also expected to spend about $320 million worth of candy. Another survey anticipates 60% of all consumers will spend over $100 this year on decorations.
With treats, costumes, decorations, and parties, it’s no wonder that Halloween can rival Christmas in terms of consumer spending. This means we have to be careful about how we plan for it. Halloween, Thanksgiving, and Christmas are all within a couple months of each other (in the US anyway) Want to spend more money on Christmas? Consider spending less on Halloween this year :0)