By: Laura Walton AFC®
Halloween seems to kick off the holiday season. This year, Halloween spending was big – maybe another sign of consumer confidence trending upwards.
Here are the stats from the National Retail Federation:
Projected spending: $9.1 billion (a record high)
Americans planning to partake in Halloween festivities: 179 million
Top adult costume: A witch
Top kid costume: An action hero or superhero
Top pet costume: A pumpkin followed by a hotdog, a dog (really?), a lion and a pirate
Note: Men spend $96 on average on their costume while women spend just $77!
And here’s where holiday spending and finances intersect. No surprise – our holiday spending tracks consumer confidence, in other words, how we’re feeling about the economy. Look at this chart for holiday spending since 2005:
and now this chart of consumer confidence since 2000:
You can see the relationship between tough economic times and lower spending. This month, consumer confidence rose to its highest level in almost 17 years!
We’re feeling more confident about the economy and job market…and looking forward to a festive holiday season!