Raymond J. Keating, Economist
Halloween & Small Business: More Treats than Tricks
As Halloween approaches, many of us think about fun involving candy, costumes and scary decorations. It’s also a fun time for many small businesses.
According to the Halloween Consumer SpendingSurvey from the National Retail Federation: “More than two-thirds (67.4%) of celebrants will buy Halloween costumes for the holiday, the most in the survey’s 11-year history. The average person will spend $77.52 this Halloween, compared to $75.03 last year. Total spending on Halloween this year will reach $7.4 billion.”
As part of that $7.4 billion, $2.8 billion will be spent on costumes (including $350 million on pet costumes), $2.2 billion on candy and greeting cards, and $2 billion on decorations.
Looking at some of the industries involved, Halloween certainly offers more treats than tricks for small business.
• And among formal wear and costume rental firms, 98 percent have less than 100 employees.
• Among chocolate and confectionery manufacturing from cacao beans firms, 89 percent have less than 100 workers.
• Among firms in the confectionery manufacturing from purchased chocolate sector, 93 percent have less than 100 employees.
• Among firms in the nonchocolate confectionery manufacturing business, 89 percent have less than 100 workers.
• Among firms in the confectionery merchant wholesalers sector, 96 percent have less than 100 workers.
• As for firms in the confectionery and nut stores sector, 98 percent have fewer than 100 employees.
Considering these sweet facts, Halloween is anything but spooky for small businesses. In fact, small businesses drive the spirit of this fun holiday for children and adults alike.
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