Small Business Insider
Halloween is the sweetest time of the year for many small businesses.
by Raymond J. Keating-
Tens of millions of costumed children and teens – perhaps even sprinkled in with some adults – will be going door to door on October 31, Halloween, asking, “Trick or treat?”
Hoping to avoid any tricks, of course, treats of assorted varieties will be handed out.
Interestingly, there’s nothing spooky about the money spent on Halloween. In fact, when you tally up all of the spending, Halloween ranks as one of the biggest holidays in terms of consumer expenditures. According to the National Retail Federation, “Total spending for Halloween is expected to reach $9 billion this year. Celebrants are planning to spend an average of $86.79, up from last year’s $86.13, with more than 175 million Americans planning to partake in Halloween festivities.”
And make no mistake, Halloween fun very much is brought to trick-or-treaters by American small businesses and their employees. Consider the following examples:
● Among chocolate and confectionery manufacturing from cacao beans employer firms, 80.3 percent have less than 20 workers, and 91.7 percent fewer than 100 employees.
● Among firms in the confectionery manufacturing from purchased chocolate sector, 76.5 percent have fewer than 20 employees, and 94.0 percent fewer than 100 workers.
● As for employer firms in the nonchocolate confectionery manufacturing business, 75.8 percent have less than 20 workers, and 89.7 percent fewer than 100 employees.
● Among employers in the confectionery merchant wholesalers sector, 88.8 percent have less than 20 workers, and 96.7 fewer than 100 employees.
● As for firms in the confectionery and nut stores sector, 92.1 percent have less than 20 workers, and 97.9 percent fewer than 100 employees.
● And among formal wear and costume rental firms, 90.3 percent have less than 20 workers, and 97.5 percent fewer than 100 employees.
According to the National Confectioners Association, 90 percent of Americans say candy makes the holidays much more fun. Well, of course it does. And it should be no surprise that the treats on Halloween are largely supplied by entrepreneurs, small businesses and their employees – there’s nothing scary about that.
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Raymond J. Keating is chief economist for the Small Business & Entrepreneurship Council.
Keating’s latest book published by SBE Council is titled Unleashing Small Business Through IP: The Role of Intellectual Property in Driving Entrepreneurship, Innovation and Investment and it is available free on SBE Council’s website here.