COVID-19 has had a significant impact on the economy. That has afforded business reporters many opportunities to examine how specific industries are being impacted. As Halloween draws closer, reporters would do well to look at what is happening with businesses connected to the popular holiday.
The first place to look at is the National Retail Federation data. The most recent data shows that total expected spending will decrease from $8.8 billion in 2019 to $8 billion in 2020. However, expected per person spending will increase from $86.27 to $92.12.
Reporters should not hesitate to reach out to economic experts, who can provide clarity on more specific details, such as how Halloween business impacts a state’s economy.
Examination of the following sections of the Halloween industry can help reporters provide a snapshot of the pandemic’s economic impact.
Consumers:
How are consumers expected to spend more even though spending as a whole will be down? How is COVID-19 impacting their plans and how they are spending? What Halloween items are consumers buying more or less of this year?
Local Businesses:
What local businesses rely on Halloween? How significant are Halloween sales to their overall business? What are their plans for the holiday? How has COVID-19 already impacted their day to day operations? What does their outlook look like for the future?
Pop-Up Shops:
Some businesses, like local costume shops, face competition from temporary Halloween stores, like Spirit Halloween, who operate over 1,300 stores throughout the nation and Canada during the Halloween season. How has COVID-19 impacted these businesses? Are there plans for less pop-up shops? How will the decision be made as to where the shops are placed this year?
Something important to consider is that temporary businesses create temporary jobs. What does COVID-19’s impact on Halloween business mean for the temporary jobs usually created? It’s important to remember that temporary jobs aren’t just in retail but also include trucking and wholesale, to name a few.
Online Business:
Has online Halloween spending increased with social distancing guidelines in place? Are brick and mortar businesses expanding their online presence due to the circumstances?
There is sure to be an avid audience for how businesses adapt to this unprecedented Halloween season. Thanksgiving and Christmas follow not too long after, so related businesses will want an idea of what to expect for this coming holiday season.
