Retailers won’t be ghosted by consumers in this spooky season, as Halloween participation returns to pre-pandemic levels this year – that’s according to the 2022 National Retail Federation’s annual survey.
“Spending on Halloween costumes, candy, decorations, parties and pumpkins is expected to reach a record $10.6 billion this year, surpassing last year’s record of $10.1 billion,” says the report. So, here’s a few tricks to have a fang-tastic Halloween.
Get Social and Spark Some Spooky Inspiration
The NRF survey shows that these high projections are largely driven by younger millennials (87%). Phil Wrist, SVP at survey authors Prosper Insights & Analytics, says: “Younger consumers, particularly those under the age of 25, will look to platforms like Instagram and TikTok for costume inspiration this year. Social media is playing an increasingly important role in consumer behaviour, and Halloween is no different.”
And companies such as Amazon, Sephora and Walmart are all taking advantage in order to inspire younger shoppers.
Don’t Neglect Your In-Store Experience
Halloween enthusiasts started their shopping early this year, with nearly half (47%) beginning in September or earlier. The leading source of Halloween costume inspiration remains from online searches (36%), but one-quarter say they will still look within retail stores.
Kristin Howell, Global VP of Retail Industry at SAP, told Forbes that after the pandemic, customers realized in-store shopping remains important – whether it’s walk-in consumers or from people who originated their orders online. “It also takes connected data across the supply chain and the organization to efficiently meet customers wherever they are,” she said.
Your Customers Will Be On The Hunt For Value
What’s more, consumers plan to spend $100 on average for Halloween candy, décor, cards and costumes. This amount is on par with last year’s record of $103 and is the second highest in the survey’s history. Unsurprisingly, costumes account for the biggest area of Halloween purchases.
Spending on children and adult costumes is expected to total $2.9 billion, the highest amount since 2017. The most popular costume for children is Spiderman, followed by princess, while witch and vampire are the most popular with adults.
With that said, customers are still on the hunt for value, and have plenty of avenues to find the best deals. IgniteYourService suggests: “Value doesn’t always mean the cheapest, but premium purchases will need to live up to their price point in new and inventive ways. Keep asking yourself ‘is this product worth the price?’”
Dust Off The Cobwebs And Bring Back The Goods
Keeping your brand at the forefront during festive seasons is key. “Driving customers back to your website at the appropriate time should be proactive and personalised,” says Qubit. Jog customers memories and lift their spirits with “recommendations based on previous purchases, content such as gift guides if you know they’re an uncertain shopper, or even a special offer if they’re a particularly high value visitor.”
And Don’t Forget The Creepy Crawlies!
And finally, pet spending is expected to exceed last year’s record high, reaching $710 million. One in five plan to dress their pet up in a costume, so don’t be a scaredy cat and remember to keep the furry friends in mind.
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