The major impact that holidays have on the economy is more and more evident each year, with increased globalization bringing events like Halloween and Valentine’s Day to homes all over the world. In 2016, Americans spent approximately 8.4 billion dollars on Halloween alone. This year’s projections are for a 9.1 billion dollar spending spree across the U.S. and a record breaking 179 million spenders. Surely you’ll want a slice of that massive cake for your business. Although the major retailers like WalMart are likely to see the biggest numbers, it doesn't mean that small businesses can't also benefit from this holiday.
Critical Period for Retail
Halloween is the big introduction to the holiday season. It’s closely followed by Thanksgiving, Black Friday and Christmas. Around 20% of all the year’s retail sales happen during Holiday Season. It is one of the cheapest holidays in terms of prices, so people are more willing buy with lower prices, but ultimately end up spending more. Although Black Friday is just around the corner, many shoppers start their holiday shopping with the big sales coming up to Halloween.
It’s also a very important milestone for the retail year because, people who foresee big spending during the last three months of the year, spend a lot less money during August and September. So the sales may fall after the summer months, but are quickly buoyed by Halloween.
Make Sure You Have A Strategy In Place
Halloween enthusiast are your target clients during this time. Make sure you have a strategy in place to appeal to their holiday shopping desires even if it’s not immediately obvious. This doesn’t mean that you’re going to start selling costumes in a side room at your medical practice. There are ways you can get on board, even if you’re not a retail business.
The average American will be spending around $86 dollars on costumes alone this year. Costumes and candy are the main items, but home decoration have gone up dramatically since the recession and people are more willing to spend big bucks on spook-ifying their homes than they were ten years ago. People spend on average $25 dollars on candy, $30 dollars on decoration and $90 dollars on their costume Some even dress up their pets, and can spend anywhere between $30 and $100 dollars. These all seem like reasonable purchases. But if you add them up and include parties, drinks, taxis and food it all rounds up to a couple hundred dollars. 70% of Americans participate in this Holiday so make sure that your business has something more to offer them than just an office decorated with fake cobwebs and spiders.
It’s A Good Time To Test Out New Employees
The start of the holiday season generally means busier work hours. You may feel the need to bring in a few extra hands during the Halloween sales and keep them on until after Christmas. This may seem at first like an added expense that you’d rather go without, but the truth is that during a season as busy as Halloween, your business can suffer if you’re not properly staffed your sales and your customer service quality could take a dive hard to recover from. Hiring seasonal help can even out the burden for your regular team and it’s a great opportunity for you to scout out potential additions to your company. People who take on a seasonal job know it’s part-time, so if it doesn’t work out for you, you’re not obligated to take them on full time.
It’s also a great time to see how your team works under pressure, how they handle stressful situations and where there is space for improvement. Remember they are relying on you to give them the necessary tools to make the holiday season a successful one, so it’s a test on your leadership skills too. Make sure that your employees are motivated and committed. It’s your job to give them reasons to want to be there.
It’s Not All About The Money
Although it’s important to make the most of this holiday to boost your sales and take a slice out of the proverbial cake, it’s also important to remember that, as with any holiday, it’s not just about making bank. Make sure you get into the spirit of the day and spread the cheer. Make it fun for your employees. They’re already missing out on the fun that day because they have to work, so why not bring the fun to them! Throw a party and the office or have them come in dressed up that day. Decorate and make it exciting for them. If you work in retail you know that the holidays can be the most stressful days of the year. Frantic shoppers, last minuters and sometimes downright rude people visit stores by the hundreds and thousands that day, so letting your staff vent some steam is actually beneficial to your sales.