This seasonal shop set up in a space formerly occupied by a sporting goods store.(Seven_Null7/ Planet Money Flickr poolCreative Commons)
By Caitlin Kenney
The National Retail Federation says Americans will be spending less money on candy corns and pumpkin carving tools this season. Halloween sales are expected to drop 18 percent this year, after reaching a four-year high in 2008.
One in three people interviewed by the group this month said the poor state of economy would likely affect their Halloween plans. People mentioned buying less candy, not purchasing new decorations and making costumes instead of purchasing new ones.
Even the holiday's biggest spenders are feeling the pinch, with people between the ages of 18 and 24 saying they'll be spending nearly 21 percent less. Fewer part time jobs and parents less able to help out are some of the reasons cited by teens who are cutting back.
Halloween is a relatively small holiday for the retail industry, but some analysts see the drop in spending as a sign of worse things to come. The International Council of Shopping Centers is predicting a 1 percent increase in same-store sales in November and December.
As for me, Halloween is one of my favorite holidays and even though I'll be using some of last year's decorations, I already feel the lure of pumpkin spice candles and skull goblets from Party City.
categories: Economic Scene
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