5 Halloween Myths That Cost Everyone Money
PORTLAND, Ore. (TheStreet) -- Some of Halloween's spooky mythology only helps the spirit of the holiday. When those myths and legends start taking cash out of the till, however, it's time to end the tricks for the sake of saving the treats.
If you want to repeat "Bloody Mary" into a mirror 13 times to see if a ghost appears, go ahead. Want to say the word "Candyman" five times into that same mirror and see if Tony Todd or Chicago's Cabrini-Green housing projects reappear? Knock yourself out. Want to wake up Michael Keaton by chanting "Beetlejuice" three times? It's your holiday and you can annoy people with repetition all you'd like.
You'll find, as with just about every Halloween myth, that repeating something doesn't in any way make it so.
Right now, Halloween doesn't really need any more scary rumors or bad press. The National Retail Federation, which represents the nation's retailer, found that 158 million consumers say they plan to celebrate Halloween this year. That's down from 170 million last year and is indicative of just how tight-fisted consumers have become in the current economy. In total, Halloween shopper plan to spend about $75 each on Halloween, down from an average of nearly $80 per shopper in 2012.Though that NRF Halloween spending estimate is still 54.7% higher than in 2005, a quarter of U.S. consumers (25.2%) say the state of the economy will affect their Halloween spending plans. Nearly nine in 10 (86.1%) will spend less overall, up slightly from 83.5% last year. Additionally, 32.7% will buy less candy and 18.1% will make a costume instead of buying one. That already bodes poorly for retailers from Wal-Mart (WMT) and Target (TGT) to Kroger (KR) and Safeway (SFY) . At a time the balance of Halloween spending is shifting toward adults -- with the $1.2 billion U.S. consumers plan to spend on adult costumes overshadowing the $1 billion they'll spend on kids' outfits -- there is still a whole lot of spending to be done. The NRF anticipates that spooked shoppers will still spend upward of $6 billion this Halloween. They just don't need to spend a whole lot more than that, nor do retailers need them completely spooked off. We looked at some of the more potent Halloween myths out there and found five that are costly to shoppers and stores alike:
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV