5 Halloween Myths That Cost Everyone Money
Myth 1: Halloween is basically second Christmas
While it's true the recession put a crimp in holiday spending and ensuing economic woes have made Halloween of greater importance to retailers, there's nowhere near enough demand to warrant a dramatic boost in holiday supply.
According to market research firm IBISWorld, Halloween spending in the United States is expected to grow to $7.63 billion this year from $7.41 billion in 2010. That would be lovely and far more than the $5.8 billion U.S. consumers spent on Halloween at the beginning of the recession in 2008, but it's still just less than half of the $13.2 billion spent on Fathers Day this year.Not only does Halloween spending come nowhere near that of Christmas ($69.2 billion by IBISWorld estimates), it's also overshadowed by Valentines Day ($20.8 billion), Mothers Day ($17.1 billion), Fathers Day and Thanksgiving ($7.8 billion). For those who think Black Friday encroachment is killing Thanksgiving, just consider that Halloween's 3% year-over-year growth lagged well behind Thanksgiving's 6.4% growth in 2012. So does that mean shoppers might get a reprieve from the holiday creep that already puts candy and costumes in the seasonal aisle by Labor Day? Perhaps. Spending on decorations is expected to jump 6.7%, to $2.2 billion, this year. Costume spending, however, will only increase by a relatively flat $40 million, or 1.5% from the $2.7 billion spent last year on the holiday's biggest category. Hershey (HSY) , Tootsie Roll (TR) , Mondelez (MDLZ) and other confectioners won't see much of a boost from candy sales, either, as last year's $2.19 billion in spending crawls to $2.25 this year -- a change of less than 3%. Halloween can give sagging holiday sales a bit of a boost, but placing too much faith in the underpowered holiday only results in loads of clearance candy corn and racks full of unworn Sexy Ophthalmologist outfits.
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