UK continues its chilling embrace of all-things Halloween with related spending set to rise by 3.2% this year to reach a value of £537 million.
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However, the rise is weaker than last year’s 4.1% gain, “reflecting inflation-driven price rises in food & drink, rather than strong consumer demand”, the report by GlobalData shows.
Six in 10 Halloween shoppers plan to reduce spending on the event due to financial constraints, with the budget-conscious approach “expected to inhibit consumers from splashing out on decorations and costumes”. And this trend is most pronounced among 25-34 year-olds, it added.
The answer? “Retailers must showcase ranges that offer indulgence, seasonal appeal, and curiosity to encourage cautious shoppers to make purchases”, we’re told.
A further risk to Halloween spending is the strong sentiment among consumers that ‘Halloween is a waste of money’. This perspective poses a challenge for retailers to change, as the event lacks the family-oriented appeal that characterises occasions such as Mother’s Day and Christmas.
However, retailers should adopt more strategic range design approaches to enhance sales, it added.
Eleanor Simpson-Gould, senior retail analyst at GlobalData, added: “Within non-food ranges, retailers must blend Halloween and autumnal motifs and colours to create homeware and clothing ranges that appeal beyond 31 October. Flying Tiger’s pumpkin-inspired ceramics, table linen, and candle holders are a great example of designs which capture the balance well. Clothing retailers should apply the same blended approach to loungewear and pyjamas so customers can buy into the season, not just the day.”
