Halloween spending reaches record high
The coronavirus pandemic may have spooked many away from Halloween celebrations last year, but spending for Sunday’s holiday is projected to reach an all-time high of $10.14 billion this year, up from $8.05 billion in 2020, according to the National Retail Federation’s annual survey conducted by Prosper Insights & Analytics.
An estimated 65 percent of Americans intend to celebrate Halloween or participate in Halloween activities this year, up from 58 percent in 2020. Households with children are much more likely to celebrate Halloween (82 percent) than those without (55 percent).
“Americans plan to spend more than ever to make this Halloween a memorable one,” NRF President and CEO Matthew Shay said. “Retailers have implemented a number of measures, such as bringing in Halloween products earlier than normal, to ensure their shelves are stocked with seasonal candy, décor and other items ahead of this important holiday.”
The top ways consumers are planning to celebrate include handing out candy (66 percent), decorating their home or yard (52 percent), dressing in costumes (46 percent), carving a pumpkin (44 percent) and hosting or attending a party (25 percent).
With Halloween activities planned at area schools, churches and neigbhorhoods throughout the weekend, the retail federal esitmates the average consumer will spend $102.74 on costumes, candy, decorations and greeting cards – $10 more than they planned to spend last year.
In Chattanooga, retail chains specializing in the Oct. 31 holiday, including Halloween Express and Spirit Halloween, opened outlets this fall abandoned Sears, Rite Aid and other retail outlets.
Consumer spending growth slowing
American consumers slowed their spending to a gain of just 0.6% in September, a cautionary sign for an economy that remains in the grip of a pandemic and a prolonged bout of high inflation.
At the same time, a key inflation barometer that is closely followed by the Federal Reserve surged 4.4% last month from a year earlier – the fastest such increase in three decades. Sharply rising prices, in part a result of supply shortages, have imposed a growing burden on American households.
For months, annual inflation has remained far above the modest annual rates of 2% or less that prevailed before the pandemic recession.
Exxon, Chevron profits return
Exxon Mobil swung to a hefty profit in its third quarter, thanks to increased demand for oil and higher prices.
The oil and natural gas company company earned $6.75 billion, or $1.57 per share, reversing last year’s loss. Smaller rival Chevron also swung to a profit, and the two companies beat Wall Street analyst estimates.
Oil companies were under pressure during the pandemic to curtail drilling after demand plummeted because so many people were staying home. But so far in 2021, the energy sector has outpaced the broader markets, and consumers are paying more to fill up their tanks.