What the increase in US tariffs will mean for the party industry

A recent 25% increase on import taxes which has been levied upon the US market is set to make things difficult for the party and Halloween industry. As the executive director of America’s Halloween Industry Association, Michele Biordi is perfectly placed to explain the issue.

“According to the annual National Retail Federation, Halloween is a $9 billion holiday in the US, with consumers spending more than $3 billion on costumes and $2.7 billion on decorations. Thanks to the latest round of import taxes, prices will increase virtually overnight for clothes, groceries, furniture — and Halloween decorations, sending those costs skyrocketing.

For the Halloween industry, business has been booming and trending upward for more than a decade. The HIA represents small businesses across the country operated by people who rely on a healthy retail industry to make a living. The Halloween season can make or break these businesses. Tariffs that raise prices will lead to slower sales and could potentially deliver serious blows to the industry.

Critically, the NRF survey revealed that 80% of Halloween shoppers will buy their supplies at Halloween-themed specialty stores and discount stores. Unlike larger retailers, which see more consistent year-round sales, these specialised businesses are especially reliant on seasonal purchases.

For many people, tariffs might seem like a distant concept that only affects a few items or industries.But the tariff waves have not stopped and in late September, the White House announced a third round of duties, placing the United States in the middle of a trade war with foreign economic powers.

While that might seem like a far-off problem, the trade war has real consequences. Seasonal shoppers will be among the first to feel the pain of higher prices, and that pain will persist throughout the holiday shopping season and into next year’s Halloween season if we don’t shift course soon.”

Read the original article in full here.

Popular YouTube channel considers the latest designs and trends expected to be popular for the Easter market....
Staff have been let go as the retailer restructures its business in order to meet current 'financial targets'....
Registrations for the high-profile European event will close at midnight on Sunday 24 March. ...
Balloons have made a surprising appearance in a high-profile catwalk show for Celia Kritharioti....
The UK’s fastest growing supermarket has announced that it will be scrapping plastic glitter by 2020....
Debbie O'Neill explains how teaming up with the competition can be a good thing....
Get the latest news sent to your inbox
Subscribe to our daily newsletter