From Candy to Costumes – The 2024 Halloween Season
For millions of Americans, Halloween is that fun-filled time of year that brings out the inner kid in them. They can dress up in their favorite costume, carve up some pumpkins and turn their front lawn into some ghoulish, post-apocalyptic landscape – all while eating voluminous amounts of candy. What’s not to love?
But all those costumes, decorations, candy and other supplies also provide a substantial boost to America’s retail industry. According to the National Retail Federation (NRF), Americans are expected to spend $11.6 billion on Halloween-related items this year. On average, that translates to about $103.63 per person. 72% of all Americans are expected to participate in some type of Halloween activity.
There is some concern, however, that consumers may be becoming a bit fatigued from years of high inflation and high interest rates. The $11.6 billion projected spending total is down around 5% from last year. Also, the top shopping destination this Halloween season is expected to be discount stores, suggesting consumers are seeking greater value and lower costs.
For both kids and adults, one of the more tasty elements of Halloween is the candy – lots of candy. This season, the NRF projects that Americans will spend a gut-busting $3.5 billion on Halloween candy. More than half of all parents admit they will stash away some Halloween candy to enjoy later in the year. In a nationwide survey by CandyStore.com, the Top 5 most popular Halloween candy this year are No. 1 M&Ms, followed by Reese’s Peanut Butter Cups, Sour Patch Kids, Skittles and Starburst. Locally, in Iowa, the No. 1 Halloween candy is also M&Ms while in Illinois – for the second year in a row – the top selection is Sour Patch Kids.
CandyStore.com also released its annual survey results for the worst Halloween candy as voted on by Americans. Once again, Circus Peanuts were selected as the worst Halloween candy one could receive followed by Peanut Butter Kisses, Candy Corn, Necco Wafers and Mary Janes.
The NRF also estimates that Americans will spend $3.8 billion on Halloween costumes this season. About $700 million of this total will be spent on costumes for pets. According to the NRF’s 2024 survey, the No. 1 costume this year for adults will be a witch, followed by a vampire and a cat. For kids, the No. 1 costume will be Spiderman, followed by a ghost and a princess. The No. 1 costume for pets this year will be a pumpkin, followed by a hot dog and a bat.
43% of all Halloween participants will carve up a pumpkin this season. As an interesting tidbit, Illinois is the pumpkin-producing capital of the nation. In 2022, according to the U.S. Department of Agriculture, Illinois produced 630 million pounds of pumpkins – nearly 30% of total U.S. production. Indiana is No. 2 at 160 million pounds while California is No. 3 at 120 million pounds. Illinois produces more pumpkins than the No. 2 through No. 6 states combined. For you pumpkin aficionados, the world record for the largest pumpkin was set last year at 2,749 pounds.
There’s something in Halloween for everyone. Whether it’s handing out candy to trick-or-treaters, dressing up as your childhood superhero or simply decorating your office cubicle. I wish you all a very fun and safe Halloween season.
Mark M. Grywacheski, Investment Advisor
Quad Cities Investment Group is a Registered Investment Adviser.
This material is solely for informational purposes. Advisory services are only offered to clients or prospective clients where Quad Cities Investment Group and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Quad Cities Investment Group unless a client service agreement is in place.
