Sales for Halloween candy and costumes are soaring to record highs this year. While it may not be good for your waistline, it could be an indication of high confidence in the market.
“Consumer confidence is riding high, so consumers are likely to splurge a little more on edible goodies,” David Deull, a senior economist with IHS Markit, said, according to NPR.
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Candy sales are expected to rise 4.1 percent from 2016, skyrocketing to a seasonally adjusted $4.1 billion, Deull says.
Given that candy prices have dropped 0.9 percent compared to last year, it is impressive to see a continued increase in sales for the second consecutive Halloween.
“Global cocoa production in both 2016 and 2017 experienced large improvements over each previous year with especially good, and in some cases record, production from major producers in West Africa,” Deull said. “This created downward pressure on cocoa bean prices in 2017.”
After conducting a survey or more than 7,000 customers, the National Retail Federation estimates that more than 179 million Americans will be participating in some type of Halloween festivities. The number is up from an estimated 171 million last year.
Trade group’s calculations have revealed that spending for Halloween costumes, cards, decorations, candy and more will end up hitting a record $9 billion.
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“Although this year hasn’t been perfect, especially with the recent devastating hurricanes, we believe that a longer shopping season and strong consumer confidence will deliver retailers a strong holiday season,” NRF President and CEO Matthew Shay said.
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