What $350 million spent on Halloween costumes for pets says about a niche
October begins a period when some retailers make as much as 30% of their yearly sales numbers. Even the stock market gets a "Halloween Effect". It seems the markets have historically performed better after the holiday.
According to the National Retail Federation (NRF) 68 million Americans will dress up this Halloween and another 20 million pet owners will dress up their pet. And they will spend a scary $350 million to put their favorite animals into a costume. And this is a holiday spending trend that's getting bigger every year.
As the world's largest retail trade association the NRF keeps close tabs on this kind of consumer spending data. It obviously benefits retailers to know that more than 157 million Americans plan to celebrate Halloween this year. These types of numbers are compelling for any business that wants to sell products to an audience that's more than half the size of the entire US population.
But it's not just Halloween that attracts the consumer spending frenzy. In reality the ghoulish day doesn't even break the top 5 US spending holidays. Like your shrimp cocktail before the entrée Halloween is an appetizer. It gives an indication of the mood of the consumer. It puts the end-of-summer and back-to-school sales firmly in the rear view mirror. And it ushers in the "Big Poppa", the winter holiday spending season.
Americans alone are projected to spend $600 billion this year during the winter holidays. Cha-ching, cha-ching.
What about reaching out to tourism boards, government entities, hospitality, entertainment and organizations that could directly benefit from an audience that connects deeply with an upcoming holiday or event? We're talking about experiences, relationships and return on investment.
The "holiday marketing" niche is a global opportunity. And with the Internet and today's mobile tools you can reach around the world easier than ever before. But it's also easy to get lost in the increased marketing that is done by the big box stores and retailers like Amazon, Walmart, eBay and Target.
There is a lot to consider. What Americans plan to spend on Christmas alone is greater than the yearly GDP of the entire nation of Sweden. To tap into this highly profitable "holiday marketing" niche you need to go about it in the right way.