Sunday, October 2, 2011
Now That's Creepy: Americans Will Blow $7 Billion on Halloween
Halloween is coming up in than a month and Im surprised that the forecast shows that Americans is willing to spend $6.9 billion for this celebration including costumes, decorations, candies, and entertainment. Even though with this economic situation Americans should watch for their spending. Americans will be spending twice as much from 2005. I wonder why? Compared to other holiday celebration such as Christmas the spending forecast is much smaller compared to halloween. Its good in a way since this will increase the US consumption.
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Yes, that will increase consumption and make people happier. The whole industry of making Halloween entertainment will benefit.
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ReplyDeleteWhat I felt from last year, my first Holloween here is US, was that so much money was spent on this holiday! People bought fancy stuff and only used them in a day, even one night.
ReplyDeleteI don't think it is surprsing that the spending on Holloween is much more that 2005 this year, even the economic situation is worse. According to some psychological research, people actually tend to consume more less-expensive things during the recession, such as decorations and cosmetics, to fullfill their shopping desire when they are not able to buy fancy things.
Halloween provides so much utility to so many people in this country, I'm actually not surprised by this figure at all. I will probably spend between $10 - 15 on my costume this Halloween, and it will be worth it.
ReplyDeleteSijia's comment about people buying inexpensive stuff during recessions is interesting. It is interesting that Halloween will give a boost to US consumption and hence the GDP, but I feel that this reflects one of the weaknesses of the GDP. We do not really get a sense of what kind of goods that people are buying. For example, even though spending on Halloween will rise, top brands may suffer and smaller businesses may benefit. Sijis's comment reiterates that fact that GDP should only be an indicator, not a comprehensive analysis.
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