Although economic gloom casting a spell on consumer confidence this year, America's darkest holiday is looking bright for retailers. According to IBISWorld, Halloween sales are expected to reach a record-breaking $6 billion in 2009, up 4.2 percent from the $5.77 billion generated last year.Halloween retail sales include costumes, scary make-up, wigs, Halloween decorations for inside and outside, and of course, pumpkins and candy, among other things.
In projecting this year's total sales, analysts at the Los Angeles-based firm said sales of candy are expected to be $1.89 billion vs. $177 billion in 2008, up 6.8 percent. It is estimated that the average person will spend about $22.50 on Halloween treats in 2009. "Economic recovery appears to be around the corner and consumers are enthusiastically looking to escape their recessionary woes," said Toon van Beeck, senior analyst with IBISWorld. "Even last year, when the outlook was much worse, the Halloween spirit remained unhindered as we saw total sales actually jump 5.1 percent from 2007." And he adds, "Although unemployment is still very high, the overall outlook is far rosier today than it was this time last year," adds van Beeck. "For this reason, IBISWorld expects the upward trend in Halloween expenditures to continue its course for 2009, which despite economic conditions will prove to be the best year yet." Happy Halloween!