These days, the economy is far more scary than ghouls and goblins, but that didn’t stop Americans from embracing the (expensive) delights of Halloween.
This year, U.S. adults spent about $5.77 billion to celebrating Halloween, according to the National Retail Federation, up from $5.07 billion in 2007. Who says cobwebs can’t stimulate the economy?
That’s good news in an otherwise grim economic outlook. The Commerce Department said last week that Gross Domestic Product, shrank by 0.3 percent in the third quarter, largely due to sharp declines in consumer spending. This leaves little doubt with economists that we’re in a recession that may be long and deep. However, on the heals of Halloween retailers are reporting far more treats than tricks.
Contrary to the grim picture economists are touting, the “Halloween Consumer Spending Index” seems to be up from last year which may signal, an albeit slow, domestic economic recovery.
NPR wrote a whole article last week, “In Tricky Economy, Halloween A Treat For Retailers.” We’ll have to wait and see if the holiday spending spree carries over through the “golden quarter.”