Americans aren’t the only ones who love Halloween

Halloween is serious business

The American tradition of Halloween, which sees children dressing up and gobbling sugarcoated treats, is rapidly becoming a popular night across the globe.

Over 157 million Americans plan on celebrating this weekend, with total domestic spending on Halloween expected to reach $6.9 billion, or $74.34 per person, according to the National Retail Federation's recent survey. Elsewhere, figures are smaller, but growing nevertheless.

In the U.K., sales are expected to reach £283 million ($436.5 million) in 2015, up from £275 million a year before, market research firm Mintel predicts. Other companies like Tesco suspect it will be nearer to £400 million.

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One company expected to see a boom in trade this season is MorphCostumes. The Edinburgh-based company created the "Morphsuit," which sells in 25 countries, and counts the U.S. as one of its leading markets.

However, it's not just America where Halloween costumes are driving business, MorphCostumes' chief executive told CNBC on Friday.

"We're seeing Halloween get bigger and bigger outside of America, as we take up the American culture," said CEO, Fraser Smeaton.

Power rangers dressed in Morphsuits
Courtesy of MorphCostumes

In the U.S., popular costume chains like Party City and Spirit Halloween generate huge revenues from the holiday event. In other countries, like the U.K., large costume chains are a rarity, but Smeaton argues that the world of e-commerce is tackling this.

"I think the (costume industry) is consolidating quickly. It's always been an industry in (Europe) of 'mom and pop' stores, but if you look in the U.S. there are big chains with over 1,000 stores," he said.

"In (Europe), because we're such an advanced e-commerce market, it's consolidating quickly around that, with players like Amazon and big costume websites."

Social media has also had a huge hand in promoting and diversifying the Halloween phenomenon. Gone are the days when skeletons, ghosts, witches, and pumpkins were the norm; now it's all about what's trending and people "sharing their experience."

Popular trending – and sometimes controversial – topics can see a huge boom in costume sales each year, Smeaton notes. He gave Miley Cyrus' 2013 VMA (Video Music Award) outfit and Breaking Bad's Walter White, as examples. Costumes expected to be a hit this year include Harley Quinn, Star Wars and Donald Trump, according to Google Trends.

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While MorphCostumes invented Halloween's "spandex category," Smeaton adds that their company has since diversified from spandex morphsuits to other creative costumes. This is so they can attract a larger set of consumers, especially as dressing up is becoming less of a Halloween-centric event, he said.

"Outside of America, there's a costume market year-round, whether that's for sports events, birthday parties, role-play, stag and hen parties," Smeaton said.

"We're seeing the phenomenon of 'Cosplay' (costume play) with the success of Marvel and other comic book movies that are out. People are getting more and more into that, by dressing up as their heroes year around." Best sellers for MorphCostumes are licensed outfits like Spiderman and Power Rangers.

As people want to share their experiences more, and dress up for special occasions year-round, companies like MorphCostumes will start to see an increase in popularity and hence revenue.

MorphCostumes generates a turnover of around £10 million a year, and have sold some 2.5 million costumes since its launch in 2009.

By CNBC's Alexandra Gibbs, follow her on Twitter @AlexGibbsy.