Halloween spending will reach a new record this year as participation in the holiday spikes despite the tumultuous economy. The nation's largest retail trade group projected that Halloween spending will reach a new record this year as participation in the holiday spikes despite the tumultuous economy.
Total spending, which includes costumes, decorations and parties, is expected to notch a record $10.6 billion, outpacing last year's record figure of $10.1 billion, according to the National Retail Federation’s (NRF) annual survey conducted by Prosper Insights & Analytics.
The trade group projected that participation in Halloween activities will reach pre-pandemic levels, with 69% of consumers planning to celebrate, the NRF reported.
Last year, Halloween participation was 65% but in 2019, it was around 68%. Target CEO Brian Cornell even told analysts on a recent earnings call that it expects "guests will fully embrace trick or treating and scheduling parties to celebrate with family, friends and neighbors." Each consumer participating in the holiday is expected to dole out an average of $100 on candy, décor, cards and costumes, which is the "the second highest in the survey’s history," the NRF reported.