Originally an American tradition, more and more Australians get into the festive spirit when it comes to Halloween, with spending forecast to reach $490 million―up 14 per cent or $60 million on 2022.
Those celebrating Halloween plan to do so in a variety of ways such as attending or hosting a Halloween themed party, decorating their homes, getting dressed up and going out or staying home and welcoming trick or treaters.
Australian Retailers Association (ARA) CEO, Paul Zahra, says the increased spend this year in the face of cost-of-living pressures demonstrates the growing popularity of Halloween in Australia, particularly for adults.
“Halloween is now a global phenomenon and is increasingly becoming a cherished Aussie tradition,” he says.
“Retailers are also coming to the party with themed windows and store displays as part of big promotional push in the lead up to 31 October.
“Halloween is a great chance for Australians to let their hair down and partake in some spooky silliness during this challenging economic period. It’s also important for retailers to build sales momentum in the run up to Christmas.”
Christmas spending forecasts by the ARA, in conjunction with Roy Morgan, are predicted to reach $66.8 billion, in line with last year’s results.
“Last year, Christmas spending was bolstered by a record freedom spending phenomenon with delayed overseas travel, whereas this year shoppers are expected to be much more conservative with their budgets. We anticipate a bargain-driven Christmas shopper, who will actively seek out the best deals and look for value purchases.
“For many discretionary retailers, up to two-thirds of their profit is made during the all-important Christmas trading period, so it is shaping up to be a period of business uncertainty this year.”
Zahra adds that the success of the highly anticipated Christmas trading period will be at the mercy of upcoming cash rate decisions by the RBA.
“Australian mortgage holders will be carefully watching the RBA’s decisions over the next few months with bated breath, but so too will retailers.”
