Amidst ongoing economic challenges affecting the retail sector, this year’s holiday season holds heightened importance. Although Halloween traditionally may not be the most significant spending holiday, it has evolved into an essential early indicator of shopping trends.
“What’s going to happen this holiday season is completely unpredictable,” states Nikki Baird, VP of Strategy at Aptos.
Currently, indications suggest an uptick in Halloween spending, with the National Retail Federation projecting retail sales for this Halloween season to reach around US $ 12 billion, a noticeable increase from the US $ 10.6 billion recorded last year.
Fashion brands have proactively engaged with Halloween, with initiatives such as Forever 21’s month-long costume shop. Grips Intelligence data highlights a substantial surge in Halloween sales, witnessing a remarkable 34 per cent year-over-year increase.
In September alone, Americans spent US $ 81 million on Halloween costumes, marking a 4 per cent rise from 2022. According to John Fetto, Head of E-commerce Insights at Grips Intelligence, this early enthusiasm for Halloween shopping bodes well for the broader holiday season.
“Halloween is the new Thanksgiving, marking the beginning of the winter holiday season,” notes Fetto.
“Our data confirms that consumers are getting an earlier start to their Halloween shopping this year, which has led to overall increases in key categories. That should come as a positive sign for retailers and brands trying to read the tea leaves ahead of the Christmas season.”