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Halloween spending in 2023 is expected to reach unprecedented levels as consumers continue to embrace the thrill and excitement of this beloved holiday. The Halloween industry, which includes costume retailers, party supply stores, and even haunted attractions, will witness a surge in demand for their products and services. With each passing year, Halloween enthusiasts eagerly anticipate this spooky occasion with great enthusiasm, resulting in increased spending on decorations, costumes, candy treats, and themed events.
The National Retail Federation’s annual Halloween consumer survey conducted by Prosper Insights & Analytics revealed that total Halloween spending in 2023 was expected to reach a record $12.2 billion, exceeding the previous year’s record of $10.6 billion.
A new record of 73 % of Americans will participate in Halloween-related activities this year, up from 69% in 2022.
Categories
According to the NRF survey, 69% of those celebrating Halloween plan to buy costumes, up from 67% last year. The total spend on costumes is expected to reach a record $4.1 billion, up from $3.6 billion in 2022. The total spending on decorations is expected to reach $3.9 billion, a figure that has risen in popularity since the pandemic. Over seven-quarters (77%) of Halloween-seekers plan to buy decorations, which is the same as last year, but up from 72% in 2019. Candy spending is expected to reach $3.6 billion, up from $3.1 billion last year, with 96% planning to buy it.
Leading destination
Discount stores (40%) remain the top destination to buy Halloween items, followed by specialty Halloween/costume stores (39%) and online (32%). While specialty Halloween and costume shops have always been a top destination for Halloween items, more consumers plan to shop at these stores this year than in the past.
If consumers are planning to go to discount stores, it may be a good opportunity to offer deals and thus redirect those potential customers to your website before they go to the stores in person.
Customer Behavior & Profile
Your brand can reach consumers at the optimal time by knowing when they are likely to buy. According to the MikMak Shopping Index, the purchase intent rate for candy brands peaked on October 15th at 2.5 percent (1.2x the average). As a result, shoppers were most likely to continue shopping at a retailer from media displays two weeks before Halloween.
As a result, when your brand is in stock at retailers and marketed to shoppers at this time, it will increase its chances of being the top choice for Halloween parties and events.
It would be natural to assume that marketing to households with children would be an obvious strategy since trick-or-treating is a common Halloween tradition. According to MikMak Shopping Index data, 60 percent of purchase intent clicks for candy brands come from households without children. Therefore, during this Halloween season, don't ignore those without children when targeting your ads because they may be prime opportunities for your candy brand to gain market share.
However, The MikMak Shopping Index reveals that households with three children have the highest Purchase Intent Rates at 3.7 percent.
Inspirational sources
In this digital era, where inspiration knows no bounds, it comes as no surprise that online searches remain at the forefront as the leading sources of creative stimulation for consumers. With a staggering 37% relying on these virtual quests to find what captivates them, it's clear that your brand cannot afford to miss out on this golden ticket. So, buckle up and get ready to craft compelling ads that will leave a lasting impression on potential customers' minds. Embrace innovation and let your imagination run wild – after all, with new ideas taking center stage in planning campaigns tailored for online platforms, you have an incredible chance to stand out from the crowd and make waves in eRetail Media like never before.
