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Halloween benefits retailers

11-01-2012 14:39 BJT

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By CCTV correspondent Michelle Makori

Halloween has become one of the biggest holidays in the US, and a big moneymaker for retailers. It’s has morphed into a celebration for adults too, adding billions of extra dollars to the economy. And if early projections come true, then Halloween 2012 could be the biggest ever.

From costumes to candy to cobwebs at least $8 billion will be spent by U.S. consumers bewitched by Halloween this year.

According to the National Retail Federation a record 170 million Americans will be celebrating Halloween. Seven in 10 Americans will get into the haunting spirit-the most since the retail foundation’s started its survey 10 years ago.

Howard Davidowitz, retail analyst of Davidowitz & Associates, said,"The key to Halloween is its growth. If you look at Halloween over the last 10 years it’s the fastest growing holiday. And it’s a chance to have a lot of parties. It’s changed from children celebrating to the whole family celebrating. That’s the big change."

Halloween spending hasn’t been spooked by our scary economy. According to the National Retail Federation the average person will splurge $79.82 on decorations, costumes and candy.

The American Express Saving; Spending Tracker says the spending will be even higher-around 123, which is more than twice the average of $53-just a year ago.

"I don’t mind for Halloween spending 50 to 120 dollars-because it is Halloween. It’s once a year it’s something I look forward to."

"I usually go all out on Halloween this year, maybe 200 bucks."

"I’ve spent a lot of money already I’m deciding whether I’m going to get these wings right now for about thirty dollars. So I’ve already spent over 100 though."

Michelle Makori said," Halloween has emerged as the No. 2 holiday in consumer spending for decorations, after Christmas. Pumpkins in October are now as prevalent as Christmas trees in December."

And like Christmas, Halloween also brings seasonal job opportunities. Employers not only seek temporary employees, American retailers even open temporary stores called "pop-ups."

"Halloween is perfect for a popup store. And you’ll see them in almost every mall in the middle of the mall and everywhere else. You can do a lot of business in a couple of months."

Some retail analysts, including "24/7 Wall St.," think the $8 billion spending projection is too low and should be closer to $10 billion if you include revenue from amusement park "Haunted Houses," movie sales, parties, restaurants and liquor sales.

But that was before "Superstorm Sandy"-dubbed the "Frankenstorm," by U.S. media.

Although Sandy no doubt has scared away some customers for many east coast merchants who rely on Halloween day sales for a big chunk of their business, the National retail federation says most people have already purchased what they were planning to buy for Halloween.

So Halloween is still promises to be a big treat for businesses.

 

 

 

Editor:Qin Xue |Source: CCTV.com

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