The upcoming spooky season of Halloween is set to drive a $450 million boost in spending for Australian retailers, with costume retailers set to reap.
New data from Roy Morgan shows that 21 per cent of Australians say they are planning to celebrate the event, and that of those participating, each person will spend an average of $93.
The Halloween product categories Australians will be spending on include trick or treating (45 per cent), candy (38 per cent), Halloween costumes (37 per cent), home decorations (32 per cent) and attending or hosting (18 per cent)/
Australian Retailers Association CEO Paul Zahra said Halloween has cemented its status as an important seasonal event for Australian retailers in recent years.
“From costumes to cosmetics to confectionary, Australians are enjoying getting ghoulish during the lead up to Thursday, October 31,” Zahra said.
“Halloween is a wonderful opportunity for families with many parents choosing to dress up with their children for trick or treating, or host costume parties with friends and relatives. Many adults are also getting into the spooky season and hosting adult parties.
“This $450 million sugar-hit will be greatly appreciated by retailers who continue to face challenging economic conditions.
“Food, clothing, home and cosmetic retailers will be eagerly anticipating an uptick during the lead-up to Halloween.”
Australians aged 35-59 are the most likely to celebrate Halloween (34 per cent) followed closely by under 35s (25 per cent).
While the cash injection will provide a much-needed retail boost, Zahra noted that spending on Halloween this year is down $40 million compared to last year’s figure of $490 million.
“We’re continuing to see softened discretionary spending habits in line with the cost-of-living crunch,” Zahra said.
“Despite this, Australians continue to get into the spirit of these celebratory seasonal moments, and many retailers are well poised to take advantage of those opportunities."