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Why Millennials Love To Splurge On Halloween

10/26/2015 05:19 EDT | Updated 10/26/2016 05:12 EDT
Betsie Van Der Meer via Getty Images
Halloween witch and devil laughing in back of car

Next to New Year's Eve, Halloween is one of the most buzzed-about celebrations, especially on social. One look at Facebook, Twitter, and Instagram on that final day of October, and you are bound to find endless party photos, Halloween posts, tweets, and hash tags. This is particularly seen most amongst the millennial generation, and particularly amongst Canadians.

Believe it or not, Canadians have surpassed Americans on Halloween spending. This Financial Post article revealed that Canada's Halloween economy reached as much as $1-billion last year according to the Retail Council of Canada.

This Halloween splurging trend has been seen in the past three years. As a business, it has more than doubled in size in less than a decade. Seems like canucks have taken a great liking to a holiday that was once considered something just for kids to enjoy. Well, no longer. Ever since the popularity of social media took off, adults, especially millennials, have felt the need and want to join in on the Halloween fun even more. As this Forbes article points out, millennials love Halloween because it's the one holiday where there are no rules, and anything goes.

Pumpkins and social media light up on October 31!

Take a look on social media on Oct.31st and you will see posts on house parties to events happening across various venues, and from the most mundane to the most creative of costumes. Taking part of this craze feels almost like a must to many millennials. As a generation, they are all about joining in on what is trending and want to participate so they can maintain their social status and feel a part of their larger social circle. As this article points out, millennials look at Halloween as an opportunity to make an impression knowing very well that their costumes and creations will be seen by family and friends on social media. The article continues to address the fact that millennials are in fact, driven by their online presence and peers to dress as something unique every Halloween in order to make an impression that lasts and that people will remember.

This generation expresses a desire to be different from the rest and are keener to express their individuality. Halloween allows for all kinds of creativity to be shared, looked at, liked, and more. On Halloween, millennials crave finding that perfect costume, hosting the best themed party, or attending the most popular of events to celebrate what is often considered to be a fun holiday. It's a visual event as well -- providing a multitude of opportunity to engage multiple platforms

Pop-Up Shops See Opportunity at Halloween.

Making this holiday even more trendy and profitable are the several pop-up stores that have become increasingly popular during this time of year. Some have even become permanent yet annual locations. These pop-up stores haven become a wonderland for Halloween enthusiasts who want first dibs on the best costume, the latest costume trends, and Halloween props for their homes and parties. Although Halloween has become somewhat predictable when it comes to costumes, there is always something newer and better each and every year. This is what millennials love. They love to be surprised, intrigued, and the first to see something, so they can be the first to have and share it.

This year will be the first time in six years that Halloween falls on a Saturday and this is already proving to be a factor in making this Halloween even more profitable. According to a survey released a few days ago by RetailMeNot.ca, 66 per cent of Canadians agree that Halloween falling on a Saturday will result in people spending more money. The survey also revealed that in addition to more money being spent, more Canadians will be handing out candy, with 64 per cent planning to do so compared to only 50 per cent last year.

The average Canadian is expected to spend more than $40 on sweet goodies. Halloween falling on a Saturday also means more money being spent on parties with Canadians spending an average of $169 on hosting a party. Alberta natives are the biggest overall spenders for "ghoulish" fun, with the average person planning to spend nearly $200. The best place to party according to this survey? 1 in 4 Canadians think Toronto is the best Canadian city to party in for Halloween, while millennials prefer Montreal as their destination choice.

When it comes to consumerism, millennials are fascinated by things that are different and new.

This is a generation that is always on the hunt for unique products and services. Halloween is the one holiday that provides them with that. Every year there are costumes that are considered to be the hottest or on trend, something that hasn't been seen over and over again, something that sets you apart from the crowd and millennials buy into this. They want to be the first to sport a conversation-worthy costume so they can share that on social media and trend something new.

According to Pinterest, the top 2 Halloween costume trends of 2015 include DIY costumes with millennials preferring to coordinate their costumes with groups of friends. The second biggest trend this year is throwback costumes, with '90's costume ideas making a big comeback.

As the trend shows no signs of stopping, this kid-friendly event is now an important social opportunity organization should be finding a relevant way to engage their key stakeholders. Regardless of age, geography or other demographics, Halloween is now mainstream, and companies have a ripe opportunity to connect with their audiences, show some personality and communicate in a meaningful way. At the end of the day, dressing up your brand may never make more sense to your bottom line.

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