Investing can be scary. But Halloween – not so much anymore.
According to the National Retail Federation, Halloween is the second largest commercial holiday after Christmas. Halloween retail spending is projected to be $8.4 billion in 2016, a new record. Holiday spending for 2016 is projected at $655.8 billion. So it still has a ways to go. But several more Halloween records are projected to be broken this year, including the number of people celebrating at 171 million that are spending approximately $82.93 each.
So why is Halloween such a growth industry? One reason is that Halloween is a very affordable holiday. It doesn’t cost as much as Christmas or Thanksgiving and is still lots of fun. In fact, around 16% dress up their pets.
More signs of growth – temporary Halloween stores are on the rise and other retailers have expanded their offerings for the October 31 celebration. Nightclubs, restaurants, bars, even cities (Salem, Massachusetts) are cashing in by hosting Halloween events.
So the next time you hear “trick or treat,” no need to run and hide. It’s actually great news for the economy. And lots of fun.