By CultureBanx Team
- U.S. consumers will drop $10B+ on costumes, candies, and decorations for Halloween 2022
- Black people spent $130M on pet supplies which includes clothes
One of the most popular ways consumers plan to celebrate the holiday is through outdoor decorations, coming only second to candy. Nearly 70% of consumers plan on celebrating Halloween this year, sending projected spend on the category to $10.6 billion, up from $10.1 billion in 2021, according to a survey conducted by Prosper Insights & Analytics and the National Retail Federation. Tapping into the $1.6 trillion that African American’s possess, millennial consumers plan to spend $255 on Halloween, followed by Gen Z ($202), Gen X ($145) and baby boomers ($58).
Why This Matters: Helping to contribute to this rise in popularity for Halloween decorations among consumers are mass merchants and other big-box retailers stocking shelves with products. This year Home Depot increased its overall Halloween and fall assortment to 861 products during September and October compared to 418 in the same period last year.
The National Retail Federation (NRF) estimates that U.S. consumers will drop $10 billion+ on costumes, candies, and decorations for Halloween 2022. This group credits social media for near-record Halloween spending in general, as Americans are laying out more than $3 billion on costumes for pets, kids and adults.
Pet costumes are also extremely popular and lucrative for stores. A survey by Branded Research found 41% of Black pet owners have dogs and 44% have cats. They spent $130 million on pet supplies which includes clothes for their pampered pooches last year. Since millennials are the most likely to dress up their pets for the season, and post their animal’s Halloween look on Instagram, they should be a big focus consumer group.
Situational Awareness: Retailers have started to introduce Halloween and fall decorations as early as the summer in some cases in response to holiday sales kicking off earlier. Also, competition among neighbors to have the best Halloween displays has steadily increased interest, prieces and demand for the category.
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