Over the past decade or so, the U.S. has seen a significant shift in consumer spending for Halloween. It used to be that most of the money spent for the holiday was for the sale of Halloween candy and inexpensive costumes for children. However, recent numbers are showing that Halloween is rapidly becoming a huge holiday that is second to only Christmas. Here are some of the main reasons for this increase in consumerism during Halloween.
It's the Second Biggest Decorating Holiday
Although Christmas still holds the number one position for having the most homes decorated, Halloween is not too far behind. Every year, neighbors across the country are seeking new ways to out-do their neighbors. Be careful not to injure yourself while decorating or taking part in Halloween festivities; you'll be in for some scares—not the fun kind. This rise in Halloween decorating can be attributed to two things: the rise of millennial homeownership and the affordability of these decorations. Unlike Christmas decorations, Halloween decorations are still not that expensive. A couple of fake webs here and a pumpkin there won't really break the bank. Most retailers are seeing their profits coming from millennials. Millennials are more likely to celebrate this holiday as opposed to Thanksgiving, and thus, this generation is really transforming the landscape of holiday consumer habits.
It's the Second Biggest Commercial Holiday
Commercially, Halloween is second to Christmas overall, with consumers spending an astonishing 9 billion dollars every year on decorations, costumes and all things Halloween-related. Costumes aren't only for children anymore. Grown-ups have also recognized the fun of dressing up and being someone else for the day.
Various related industries are seeing those numbers and quickly getting their feet ready to jump in. In fact, in 2018, one of the most popular costumes for women was DC Comics' Harley Quinn. The licensing alone produced millions of dollars of profits for DC Comics in a market that, for a long time, didn't exist. There is no doubt that other industries will soon see these numbers and begin formulating their own marketing strategy to capitalize on the rise of Halloween spending.
It's the Only Holiday Where We Give Gifts to Ourselves
One of the best features that have contributed to the rise of Halloween as only second to Christmas is that it does not place any pressure on consumers to buy gifts for other people. This is a time for revelers to splurge on themselves, their dogs, their home, etc. Not having to spend money on others is another big reason why millennials love Halloween. They are often said to be the most frugal of any generation since the Great Depression. Taking advantage of holidays like Halloween is not only fun, but people can save a little money as well.
Halloween is certainly a favorite time to celebrate for many Americans, and this shift in consumer spending will undoubtedly produce many changes throughout the next few years. If this trend holds steady, then we might one day see Halloween becoming as popular a celebration as Christmas.
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