Spooky Season is getting scarier for Americans, and definitely for their wallets.
Halloween spending is set to reach an unprecedented $12.2 billion in 2023, according to the National Retail Federation ‘s annual survey. For reference, last year’s total sat at $10.6 billion.
This is partly driven by increasing enthusiasm over the holiday: 73% of consumers will celebrate this year, versus 69% last year. But it also has a lot to do with a rise in costs.
No story is complete without a wordplay on inflation these days. Today, it’s “sugarflation”.
Along with virtually everything else, the price of candy has also gone up. In the face of the effects of El Niño weighing on the global sugarcane yield, as well as high demand, global sugar prices have risen 42% since June 2022.
But it’s not just the candy. Halloween costume spending is also expected to be higher, at $4.1 billion, up from $3.6 billion last year, as 69% of people intend to dress up, according to the NRF survey.
The average Halloween celebrant is expected to spend $108.24 this year, a record since the NRF began taking its survey. But Sugarflation could put a dent in both consumers’ wallets and candy stashes.
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