Is halloween trick or treating the economy?
Before we dive into the Halloween economy, let's track back to its history The tradition originated with the ancient Celtic festival of Samhain when people would light bonfires and wear costumes to ward off ghosts. In the eighth century, Pope Gregory III designated November 1 as a time to honour all saints. Soon, All Saints Day incorporated some of the traditions of Samhain. Even though Halloween is just a single day, as a holiday it is nonetheless responsible for a great deal of consumer spending on everything from costumes and makeup to candy and party supplies to (of course) pumpkins. Based on the Keynesian school of economic thought, major spending holidays can have significant and positive short-term benefits for the economy by encouraging extra purchases that might not otherwise occur. Americans spent a record $10.1 billion on Halloween, the second-biggest retail event of the year. Source: https://www.freepik.com/ It could be argued that the state of the economy ...