NRF: Consumers to Pare Back Halloween Spending
Home Accents Today Staff -- Home Accents Today, October 5, 2009
Consumers are expected to spend an average of $56.31 on Halloween, down from $66.54 last year, according to the National Retail Federation's 2009 Halloween Consumer Intentions and Actions Survey.
Total spending on the holiday is expected to reach $4.75 billion.
Nearly one in three (29.6%) consumers say the state of the U.S. economy will impact their Halloween spending plans. Consumers plan to save by cutting the amount of candy they buy (46.5%), using last year's decorations rather than buying new ones (35.4%), making costumes instead of purchasing them (16.8%), reusing last year's costumes (15.8%), and participating in fewer Halloween activities such as haunted houses or fall festivals (26.4%).
"The economy has caught up to Halloween this year," said Tracy Mullin, President and ceo, National Retail Federation. "Since retailers know that Americans will be looking to celebrate on a budget, there's no doubt we will see creative costume and decorating ideas in every price point imaginable."
According to the survey by BigResearch, fewer people will throw or attend a party (30.2% vs. 31.1% in 2008) or decorate their home or yard (47.3% vs. 50.3%).
Young adults, last year's biggest spenders, will shell out $68.56 on the holiday, compared to $86.59 last year and $81.91 in 2007.
"With part-time jobs more scarce and parents unable to help out financially, many young adults have been impacted substantially by the economy," said Phil Rist, evp, strategic initiatives, BIGresearch. "The overriding theme for Americans' Halloween celebrations this year will be, 'How creative can I be, and how little can I spend?'"
The survey found consumers plan to spend an average of $14.54 on decorations.