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Good morning, and happy Halloween week! Today you’ll find a few Halloween-related stories that should give you one more reminder that it’s that time of year (other than your neighbor’s 12-foot-tall skeleton). I hope you enjoy today’s newsletter and have a great Halloween!

Economy

The election is forcing Americans to postpone spending

Maybe it’s because people want to stay home and watch political attack ads all day. No? The Federal Reserve reported that people’s spending habits are being affected by anticipation regarding the election, and many are holding onto their cash until they know who will be seated in the Oval Office.

Election Excitement

Because of how tight the presidential race is this year, Fed officials said, there has been a "pretty remarkable" response to people's concern, one that goes outside the usual drop in spending habits (which usually occurs before presidential elections).

Okay, so what’s changed? The central bank said that:

• Due to anxiety about the outcome of the election, around 33% of Americans who are responsible for making financial decisions have delayed, called off, or lowered their short and long-term investment strategies this year.

• In September, numerous tech, manufacturing, and construction companies reported a drop in demand nationwide.

  • As a result, some businesses have stopped breaking ground and ordering supplies until the election is over.

There is a lot at stake: More than 41% of Americans think the outcome of this election will significantly affect their finances, according to Empower, a financial planning service. Additionally, over the past year, Americans have been concerned about a weakening employment economy and the rising cost of homes.

• 33% of respondents think the next president will lower the cost of purchasing a home.

• Plus, 57% think the winner will have a large impact on the job market.

To add to the stress, the approach taken by Fed Chair Jerome Powell to reduce interest rates is taking longer than some businesses anticipated. However, when they eventually happen, it will make the cost of borrowing cheaper which will lend a helping hand to small businesses, regardless of who wins.

Transportation

It’s 2024, and we’re finally in the era of flying cars

Your Uber ride home from the bars on Halloween night could look a lot cooler now. The Federal Aviation Administration (FAA) released new regulations last week, and they’re setting the stage for a new mode of transportation… air taxis (basically flying cars, sue me).

Air taxis, also known as electric vertical takeoff and landing (eVTOL) vehicles, will be the freshest multibillion-dollar transportation sector and the first new aircraft approved by the FAA in nearly 80 years (when the helicopter came along in 1940).

A new way to travel

The new age of aviation will be defined by a fresh batch of commercial vehicles, which can go by many names: air taxis, eVTOLs, Advanced Air Mobility planes, and as I said, flying cars.

The innovative electric aircraft don't fall under any of the FAA's current classifications since they’re basically a helicopter-plane hybrid, they take off and land vertically like helicopters but later switch to flying on fixed wings like airplanes.

• The ruling opened up the runway for air taxis, as pilot training, aircraft certification, and infrastructure development, along with other requirements were still considered preliminary.

What are they used for? I’m still thinking about that new Uber ride, but according to the FAA, air taxis can be used for transporting people, goods, and even used for emergency medical care.

Flying Frontier

Startups like Archer Aviation and Joby have already seen the potential and tapped into fundraising rounds to get a headstart on the innovative transportation category, attracting airlines and automakers alike:

• United Airlines pledged to purchase 200 aircraft from Archer in 2021 (which totals around $1 billion) with an option for $500 million more. 

  • Delta Airlines also said in 2022 that it planned to invest $60 million in Joby.

• Stellantis (which owns Dodge/Jeep/Alfa Romeo) is currently Archer's largest stakeholder. 

  • Toyota put an extra $500 million in Joby this month, for a total investment of $894 million.

Joby’s CEO JoeBen Bevirt applauded the new ruling, saying it will “ensure the US continues to play a global leadership role” in aviation.

Looking forward: The air taxis will likely be used in urban areas at first as current technology limits their size, and serve as a cleaner alternative to passenger planes.

Board your plane on time… or else

American Airlines should be more like United and invest in flying cars. Instead, it’s doing… whatever this is. In an attempt to get rid of “gate lice”, American Airlines is testing a new system that would sound an alarm when passengers try to get on the plane earlier than they should.

Gate lice? It essentially means those who amass around a gate at an airport and sneak aboard earlier than they’re supposed to, typically outside of their group. It’s a pesty term that was popularized in the 2010s when airlines started charging people for checking luggage and has grown as complaints from early boardings have increased.

Alert the Airline!

As the push to clean out gate lice has shot up, airlines are looking for innovative ways to stop the infestations of line jumpers. Hence, the new airline alarm (the unofficial name coined by NextGen News).

• When an out-of-order boarding pass is detected, the new technology emits a loud alarm sound, relieving the gate staff of the need to approach the traveler and exposing the gate lice for who they truly are.

• According to American, the three airports currently testing the tech are in Washington DC, Tucson, and Albuquerque.

Early reports from the airline say the system is doing well, and will likely be implemented at a larger scale sooner rather than later. While most airlines don’t use the tech, United Airlines actually has a similar alarm in place to American Airlines.

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🎃 Halloween 🎃

Retailers are investing in Halloween

Why sell furniture and tools when you can sell a lifesize Jack Skellington? The scary holiday that has kids devouring candy and adults either watching said kids or going to the bar has taken over retailers earlier than ever, making them capitalize on demand.

Halloween Hunt

After spending a record $12.2 billion on Halloween last year, the National Retail Federation (NRF) predicts that Americans will spend $11.6 billion this year. Spirit Halloween, the wildly popular seasonal chain (that’s now going for Christmas), isn't the only one cashing out either:

• Home improvement businesses are giving it their all: In 2020, Home Depot's 12-foot-tall skeleton, which you saw in the top burb, went viral and helped them gain gravitas for Halloween.

  • By launching a "Haunted Harbor" collection this year that includes a zombie fisherman and an animatronic skeleton diver, Lowe's also attempted something new.

• This year, Costco also unveiled the "Giant Ground Breaking Skeleton," an answer to Home Depot's famous decoration, which includes illuminated eyesockets and a motion sensor.

Early-ween: A relatively new phenomenon known as "Summerween," stores all over the nation started to showcase Halloween-related merchandise... in summer. Two weeks ahead of schedule, Michaels started selling Halloween decorations on June 27th, and in July, Home Depot, Lowe's, and Costco all unveiled their scary decorations.

As demand soars and Halloween becomes even more popular, retailers have tried to capitalize on the intrigue, making for big profits and even bigger skeletons.

Candy will dethrone chocolate this Halloween

It’s a sad day for all of my fellow Butterfinger enthusiasts. Candy manufacturers are being forced to launch new, chocolate-free choices this year because of rising cocoa prices and shifting tastes among customers.

But… my Butterfinger

I know, I know. But the main reason is that chocolate is getting too costly for manufacturers to reap any benefit.

• The cost of chocolate largely depends on the production of cocoa plant farms, which have been ravaged by poor weather the past two seasons. Because of this, chocolate is more expensive than just about any other food item.

• According to Nielsen IQ, the average unit price of chocolate has increased by 40% since 2020.

However, rising cocoa prices leave sour candy ready and available for purchase at a much cheaper price… and even chocolatiers are experimenting.

• Hershey is launching two new products: Kit Kat Ghost Toast with cinnamon toast crème and Reese's Werewolf Tracks, which “bring your tastebuds to life”.

• Ferrero, which owns Nutella and Kinder, is releasing a salted caramel-coated Butterfinger, its first new variation in about ten years.

It’s not so bad: Sour candy has always been a staple of Halloween, and those with a sweet tooth (especially for chocolate) will still be able to find some solace in knowing at least one piece will be in a neighbor’s nearby bucket.

Fast Facts

Statue Stoning: When Dwyane Wade's statue was unveiled outside of Miami's Kaseya Center, it was met with unrelenting criticism (it looks like Morpheus from The Matrix). (Late)

Wordle Warrior: Netflix and TED Talks are teaming up to launch a daily word game (like Wordle) that will launch on Nov. 19th.

Absent Endorsement: For the first time since the 1980s, the Washington Post (the national newspaper known for its political coverage) will not endorse a presidential candidate.

Grass Ceiling: According to a new survey from the US National Institute on Drug Abuse, women aged 19 to 30 are smoking more marijuana than men in the same age group for the first time.

Scary Smell? A24, the production company behind Hereditary and Ex Machina, will make select movie theaters smell like blueberries during a specific scene in its new movie “Heretic”.