Halloween is fast approaching, but it’s bringing an unpleasant surprise for candy shoppers in the United States. The cost of Halloween candy has skyrocketed by a startling 13% since October 2022, which is more than double the overall 6% increase in grocery prices. This unsettling increase in candy prices, often referred to as “candy-flation,” is not limited to Halloween alone, as it has persisted for the second consecutive year. Moreover, the Northeastern states have been hit even harder by this eerie trend.
This data comes from a comprehensive study conducted by the market intelligence firm Datasembly. The study gathered sales information from over 150,000 stores across 30,000 different zip codes, covering a broad spectrum of over 200 retail banners. The research indicates that the price of chocolate, a popular Halloween treat, has surged by approximately 12% over the past year.
Among the hardest-hit states are Vermont, Maine, and Pennsylvania, where residents can expect to pay 14.7%, 14.2%, and 14.1% more, respectively, for their Halloween candy compared to the previous year. However, some relief can be found in states like Alaska, Michigan, and Ohio, where candy price increases are relatively lower, ranging from 7.1% to 8.1%.
As Halloween draws nearer, major retailers have started offering discounts on various candy variety packs to ease the financial burden on consumers. For instance, Walmart has introduced a significant markdown on a variety pack containing 365 pieces of mini-sized M&M’s, Twix, and Snickers. This package, originally priced at a staggering $52.99, is now available for just $23.99. However, it’s important to note that these discounted items can only be shipped and are expected to arrive after Halloween.
Although the current 13% increase in candy prices may seem spine-tingling, it’s actually a slowdown compared to the 20% national surge in candy prices witnessed from October 2021 to October 2022, according to data from Datasembly.
Given the ongoing escalation in candy prices, approximately one-third of American consumers plan to opt for value or store-brand candies from retailers like Walmart, Costco, and Target to distribute to trick-or-treaters this year. According to a survey conducted by consumer insights platform Numerator, which involved 4,500 adults and inquired about their Halloween plans, 30% of shoppers are budgeting between $26 and $50 for Halloween-related items, including candy and decorations, while only 18% are planning to spend over $100.
Hershey, a well-known candy manufacturer, has consistently raised its prices by at least 7% each quarter over the last seven quarters, citing declining demand as the primary reason. Despite a 1% decline in North American confectionery sales volumes in the three-month period ending on October 1, the price hikes have managed to offset the volume decrease related to price elasticity.
Hershey’s North America Confectionery segment reported revenue of $2.5 billion during that period, and the company stressed the importance of addressing consumer concerns regarding value and affordability amid tight budgets, the reduction of government assistance, the resumption of student loan repayments, and rising interest rates.
Halloween is fast approaching, but it’s bringing an unpleasant surprise for candy shoppers in the United States. The cost of Halloween candy has skyrocketed by a startling 13% since October 2022, which is more than double the overall 6% increase in grocery prices. This unsettling increase in candy prices, often referred to as “candy-flation,” is not limited to Halloween alone, as it has persisted for the second consecutive year. Moreover, the Northeastern states have been hit even harder by this eerie trend.
This data comes from a comprehensive study conducted by the market intelligence firm Datasembly. The study gathered sales information from over 150,000 stores across 30,000 different zip codes, covering a broad spectrum of over 200 retail banners. The research indicates that the price of chocolate, a popular Halloween treat, has surged by approximately 12% over the past year.
Among the hardest-hit states are Vermont, Maine, and Pennsylvania, where residents can expect to pay 14.7%, 14.2%, and 14.1% more, respectively, for their Halloween candy compared to the previous year. However, some relief can be found in states like Alaska, Michigan, and Ohio, where candy price increases are relatively lower, ranging from 7.1% to 8.1%.
As Halloween draws nearer, major retailers have started offering discounts on various candy variety packs to ease the financial burden on consumers. For instance, Walmart has introduced a significant markdown on a variety pack containing 365 pieces of mini-sized M&M’s, Twix, and Snickers. This package, originally priced at a staggering $52.99, is now available for just $23.99. However, it’s important to note that these discounted items can only be shipped and are expected to arrive after Halloween.
Although the current 13% increase in candy prices may seem spine-tingling, it’s actually a slowdown compared to the 20% national surge in candy prices witnessed from October 2021 to October 2022, according to data from Datasembly.
Given the ongoing escalation in candy prices, approximately one-third of American consumers plan to opt for value or store-brand candies from retailers like Walmart, Costco, and Target to distribute to trick-or-treaters this year. According to a survey conducted by consumer insights platform Numerator, which involved 4,500 adults and inquired about their Halloween plans, 30% of shoppers are budgeting between $26 and $50 for Halloween-related items, including candy and decorations, while only 18% are planning to spend over $100.
Hershey, a well-known candy manufacturer, has consistently raised its prices by at least 7% each quarter over the last seven quarters, citing declining demand as the primary reason. Despite a 1% decline in North American confectionery sales volumes in the three-month period ending on October 1, the price hikes have managed to offset the volume decrease related to price elasticity.
Hershey’s North America Confectionery segment reported revenue of $2.5 billion during that period, and the company stressed the importance of addressing consumer concerns regarding value and affordability amid tight budgets, the reduction of government assistance, the resumption of student loan repayments, and rising interest rates.
#Bidenomics & #Bidenflation is this Halloween’s unwelcome trick-or-treaterhttps://t.co/z9KLmex2UJ
— Rep. Elise Stefanik (@RepStefanik) October 30, 2023