For many people, Halloween marks the true beginning of Fall; pumpkin carving, costume decorating, trick or treating, and more. However, this year all the tricks and treats that accompany Halloween are subject to the high inflation rates plaguing the country. Check out some of our tips to keep purchase rates high during spooky season!
- Leveraging In-Store Advertising
While many retail sectors are shifting towards online shopping, Halloween shopping does not follow the same trend. 47% of consumers plan to do their shopping exclusively in-store, 35% plan to shop as a mix of online and in-store, and only 19% plan to only shop online. Therefore, it’s important for companies to leverage in-store advertising because consumers are already in the store and willing to shop.
In-store advertising will look different based on the type of store. For example, grocery stores can grab consumers’ attention by building Halloween-themed displays with different types of candy, decorations, and Halloween treats. 54% of candy shoppers plan to look for low-cost candy, and 57% plan to spend less than $50 on candy. By incorporating signage that advertises discounts and deals specifically for Halloween, shoppers will be more likely to grab more candy.
- Using Social Media
Although many consumers plan to shop in-store for Halloween, it’s still important to reach consumers early and encourage them to take a trip to the store. 49% of consumers plan to shop at “Big Box” stores for all their Halloween needs. Big Box stores include places like Walmart and Target, but also season-specific stores like Spirit Halloween. For stores like Spirit Halloween, social media advertising is a good tool to alert customers that the store is open for the season. This will help to kickstart customers and put them in the Halloween shopping mindset.
In addition, 31% of shoppers plan to get their costumes at an online-only retailer. Social media can be a good tool to leverage advertisements, and link directly to websites where costumes are available.
- All About Timing
In 2021, the highest average daily spend per consumer on candy was on the day of Halloween, October 31st. The second-highest daily spending occurred on October 29th. The weekly spends for chocolate, hard candy, and lollipops were very high during September and October of 2021 and peaked during the week of Halloween.
It’s important that stores adjust their marketing strategy based on consumer purchasing habits around Halloween. Last-minute shopping is very prevalent, and this is when consumers are most influenced by marketing tactics. Obviously, shopping rates are high throughout September and October, but those who shop early are more likely to plan ahead. Therefore, it’s important to increase marketing efforts when purchasing peaks during the week of Halloween!
We Are Here to Help!
While the retail market is certainly fluctuating amid inflation, there are actions marketers and companies can take to insulate themselves from the negative impacts and get ahead. It shouldn’t be scary! Here at Marketsmith, we can help your brand navigate the ever-changing retail landscape using data-driven strategies. Contact us today!
