Candy makers, retailers and tourism groups are expecting a treat rather than a trick this Halloween.
Americans now spend an estimated at $7 billion during Halloween, making it the second biggest holiday in terms of consumer spending, according to the Historic Hudson Valley. The nonprofit education and preservation organization expects the average shopper to dole out $250 on candy, costumes, decorations and other hallmarks of the holiday.
Halloween events and tourism alone could drum up $3 billion this year.
The Historic Hudson Valley attracts more than 100,000 tourists to Tarrytown, New York, for its flagship event, the riverside Great Jack O’Lantern Blaze. At any given time, more than 5,000 pumpkins are carved, illuminated and arranged in elaborate displays over the course of the seven-week festival.
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Michael Natiello, creative director of Historic Hudson Valley, told CNBC’s “Squawk Box” on Friday the Blaze has grown in leaps and bounds since its inception 11 years ago.
“The Blaze is 10 years old. We started with about 20,000 visitors year one. We’re up to 115,000 visitors,” Natiello said. “So that’s a huge growth.”