October 28, 2024
BU Today recently published an article featuring Jay Zagorsky, Clinical Associate Professor of Markets, Public Policy, and Law, discussing Halloween’s transformation into a major commercial holiday in the U.S., with consumers expected to spend around $11.6 billion this year.
Even with widespread reports of economic challenges, Halloween spending has dramatically increased since 2005, when it was reported at approximately $3.3 billion. This growth can be attributed to factors like inflation and rising population. However, a closer look shows that the average family’s expenditure on candy has almost doubled during this period.
“This means Halloween spending has grown dramatically, by about three and a half times, in just two decades—or about double, if we are adjusting for inflation,” Zagorsky adds.
Despite the financial concerns of many Americans, these anxieties do not appear to curb Halloween spending, suggesting that the holiday has evolved into a major retail event.
