A Significant Retail Phenomenon
Halloween, the festive American celebration of goblins, ghosts and costumed trick-or-treaters, has long represented a retail bonanza for candy companies. Some marketing experts estimate that during 2013 alone, consumers purchased over $8 billion in holiday-themed supplies. From costumes and sweets, to lawn ornaments, party supplies and home decor items, merchants have discovered many avenues for promoting Halloween products.
The specialty marketplace associated with the spooky celebration provides entrepreneurs with a wide variety of attractive merchandising opportunities. By combining creativity and entrepreneurial innovation, some businesses have succeeded in leveraging Halloween into a very lucrative retail event indeed!
Growing Marketing Significance
Of course, Halloween does not yet approach the Christmas season in terms of its market importance. Yet some signs exist that established retail chains have noticed the holiday's potential to boost store revenues and responded accordingly. The period for celebrating Halloween has gradually begun expanding, as more stores stock holiday-themed items at earlier dates. Some grocery stores in Pennsylvania began offering candy sales in anticipation of the October 31st holiday during the middle of August.
Adrian Hipkiss, a candy company executive, reported recently that Halloween now ranks as the third most important holiday in terms of total confectionery spending by consumers. It accounts for a whopping 14% of annual sugar sales.
Specialized Halloween Stores
Perhaps equally as significant, a growing number of companies now offer short-term holiday sales venues specifically to furnish Halloween-related products to shoppers. The existence of these types of specialty stores suggests that the Halloween holiday marketing period has begun generating enough sales to support intensive investment on the part of some merchants. Indeed, the IBIS World research company tracked a steady growth in the numbers of "pop-up" stores from 8% in 2005 to 15% in 2010. Many of these outlets cater to Halloween shoppers.
Several companies now offer opportunities for entrepreneurs seeking to capitalize on the pop-up store concept for Halloween sales. The Halloween Adventure chain operated by Masquerade, LLC establishes short-term specialty merchandising stores in visible shopping locations. Spirit Halloween has also used this strategy very successfully, too, focusing upon costume sales.
The expanding size of the Halloween marketplace suggests that it also furnishes room for marketing ingenuity on the part of small entrepreneurs. Sharron Senter recently suggested an impressive number of strategies that business owners could consider using to claim a slice of holiday revenues. The fun, creative aspects of the holiday open the door to innovative promotional strategies.
From establishing local haunted house tours, to sponsoring scary Halloween parades, book readings, candy making classes, costume competitions and spooky hayrides, the opportunities for entrepreneurial activity surrounding this popular autumn celebration appear nearly limitless.
Exploiting Niche Markets Effectively
Successful Halloween marketing may depend in part upon the ability to harness business skills effectively within a specialized niche. Many households today enjoy participating in Halloween events. Large number of people purchase Halloween-themed products. Retailers can vend goods and service related to this holiday from both brick-and-mortar storefronts and online venues.
By investing enthusiasm and creativity, entrepreneurs animated by the notion of developing a Halloween-themed niche marketing idea sometimes achieve tantalizing successes, as the popularity of Halloween pop-up stores demonstrates. The holiday offers an opportunity to promote established goods and services in a creative way, or to focus specifically upon short-term specialized holiday products. The increasing economic importance of Halloween to many retailers suggests that numerous marketing organizations now appreciate the holiday's potential to spark increased sales activity!