Consumer habits have changed dramatically in the past seven months. And it is not going to be any different for Halloween in 2020. This according to the study from RetailMeNot in its annual report and infographic about Halloween.
According to the study, COVID-19 will impact the plans Americans have for Halloween. A clear majority or 80% say their plans will change because of the Pandemic. And when it comes to shopping, 34% say they do not plan to shop for costumes. However, they are looking for ways to celebrate safely in their homes.
Consumer Behavior Changing for Halloween 2020
The issue of safety has always been a big concern during Halloween, but this year there is an added burden. How to keep kids and adults protected from the virus. In the study, 21% of the respondents say they will come up with creative ways for their children to celebrate.
Another 26% say they will still trick or treat while taking protective measures. This means small businesses that count on Halloween for a boost in sales will still get traffic through their door or eCommerce page. But it might be lighter than in past years.
Optimizing your website and social media channels is a great way to make up for the loss you are going to experience in your physical store.
The Economy of Halloween
Although Halloween is known for its fun, not many people are aware it is a multi-billion event in the U.S. According to the National Retail Federation (NRF) hallowing spending in 2019 was around $9 billion. And the average spend per person was $86.79.
The NRF forecasts this year the spending will go down to $8 billion, however, the average person is going to spend more at $92.12. The NRF has been keeping track of Halloween spending since 2005, and overall, it has been going up. A dip during the financial crisis of 2007/08 is the only noteworthy fluctuation.
For small businesses supplying their customers with Halloween paraphernalia, this bodes well. The overall sales might be slightly down, but each person is going to be spending more.
Take a look at the infographic from RetailMeNot below.