The nation's largest retail trade group projected that Halloween spending will reach a new record this year as participation in the holiday spikes despite the tumultuous economy.
Total spending, which includes costumes, decorations and parties, is expected to notch a record $10.6 billion, outpacing last year's record figure of $10.1 billion, according to the National Retail Federation’s (NRF) annual survey conducted by Prosper Insights & Analytics.
The trade group projected that participation in Halloween activities will reach pre-pandemic levels, with 69% of consumers planning to celebrate, the NRF reported. Last year, Halloween participation was 65% but in 2019, it was around 68%.
Target CEO Brian Cornell even told analysts on a recent earnings call that it expects "guests will fully embrace trick or treating and scheduling parties to celebrate with family, friends and neighbors."
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Each consumer participating in the holiday is expected to dole out an average of $100 on candy, décor, cards and costumes, which is the "the second highest in the survey’s history," the NRF reported.