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.

MORE NEWS
grabo500
 
Overseas manager Jonathan Grassi explains why Grabo's happiness philosophy is so important....
partycity500
 
Party City will be closing four US stores within the following two months. ...
train500
 
Network Rail has stated that balloons cause hundreds of train delays for passengers each year....
amscan500
 
Party and dress-up company has launched a selection of licensed dress-up and partyware lines....
hampton500
 
The unanimously-approved motion was passed on Tuesday 15 April, 2019....
abbey500
 
The successful family business has been sold after 35 years of successful trading....
Get the latest news sent to your inbox
Subscribe to our daily newsletter