Hello dear Readers and Happy Halloween! 🎃
Halloween is more than just a night of costumes and candy; it also serves as a significant economic driver, particularly in the USA, where spending is projected to reach an impressive $11.6 billion in 2024. This spooky season provides a substantial boost for the retail and hospitality sectors as consumers indulge in costumes, decorations, and events, creating a ripple effect across various industries. However, while Halloween spending brings considerable benefits, there is an economic trade-off: some of this festive expenditure may divert funds from other purchases throughout the year.
In Australia, Halloween is gaining popularity but on a smaller scale, with expected spending estimated at $450 million, or roughly $93 per person. While Halloween's economic impact in Australia is more modest, it reflects shifting consumer preferences and the event's growing cultural significance.
In other news, Queensland has reached a political consensus on renewable energy and pumped hydro, highlighting a pivotal shift toward sustainable energy storage solutions that are essential for the broader adoption of renewable sources.
Another interesting development this week is the potential of using crushed rock spread on farmland as a method for carbon sequestration. This technique could help capture CO₂ from the atmosphere, providing a natural complement to existing carbon reduction efforts.
Be sure to check out this week's video, which discusses allegations against cattle farmers regarding land clearing.
Enjoy this week’s Economic Perspective, and have a safe and spooky Halloween!
The Latest Trending Economic News Curated for You by Balmoral Group Australia
Halloween's Effect on the Economy
Although Halloween isn't a statutory holiday, the celebration accounts for billions in consumer spending in the United States. From costumes and makeup to candy and party supplies, there is no end to the merchandise that retailers sell to consumers. And let's not forget the decorations and pumpkins.. Read about it here.
Halloween To Inject $450 Million Into Oz Economy
Australian shops selling Halloween-themed products are enjoying an upswing in sales, according to the Australian Retailers Association (ARA). Read more here.
Queensland election signals both major parties accept pumped hydro and the renewable energy transition as inevitable
Solar and wind have won the global energy race. They accounted for 80% of new global power capacity installed in 2023. In Australia, 99% of new capacity is wind or solar. Read more here.
Spreading crushed rock over farmland can remove CO₂ from the atmosphere if we do it right
Carbon dioxide (CO₂) is naturally removed from the air when it reacts with certain types of rock. We can accelerate this process by crushing suitable rocks and spreading them over agricultural fields. This simple method, known as “enhanced rock weathering”, could vastly increase the rate of CO₂ removal from the atmosphere. Read more here.
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