U.S. Consumers Far from Being Spooked This Halloween
Despite shaky economic news recently, U.S. consumers are not expected to be scared off this Halloween, a new survey shows.
The average person plans to spend $64.82 this Halloween, up from $59.06 in 2006, according to the National Retail Federation's Halloween Consumer Intentions and Actions Survey, conducted by BIGresearch.
Almost 60 percent of consumers will celebrate in some way, spending an estimated total of $5.07 billion on costumes, candy, and decorations.
"Halloween should give retailers a nice boost in sales as they open the crucial fourth quarter," said Tracy Mullin, president and CEO of the Washington-based National Retail Federation.
With nearly 34 percent of adults planning to dress up, Halloween is no longer just for the kids. In fact, 18-24 year-olds will spend more than any other age group this October, the survey says.
While the average person will spend $23.33 on costumes -- including children's and pet's costumes -- 18- to 24-year-olds will spend an average of $34.06 on the perfect getup.
Diminishing consumer confidence will not have a negative effect on Halloween spending, according to Phil Rist, vice president of strategy for BIGresearch.
"Halloween is often a time for consumers to set aside their real concerns to focus on the imaginary," Rist said. "As news about the economy floods the airwaves, many Americans want to take a break from reality to have a bit of fun."
BIGresearch polled 8,877 consumers for the survey.