Halloween candy sales off to slow start as chocolate prices soar, consumers struggle with living costs
Halloween candy sales are off to a slow start this year as US consumers grapple with high living costs and eye-popping chocolate prices.Halloween candy sales fell 6.7% in the month ended Oct.17 compared to the same period last year, according to NielsenIQ, a market research firm.
Nielsen also noted an 11.7% decline in candy sales in mid-September, erasing the preseason gains that Halloween candy enjoyed the previous two years.Chris Costagli, a vice president and food thought leader at NielsenIQ, said high gas prices have worsened Americans’ concerns about affordability, and that’s dampening demand for Halloween treats.As of Friday, the average price of a gallon of regular gasoline in the US was $4.29, up nearly 40% from the prior year.“I think what you’re seeing now is a consumer that’s spending so much additional money on fuel and housing and clothing and food,” Costagli said.
“Some of the decisions they’re making about Halloween candy, it’s not necessarily because, ‘I notice it’s more expensive than last year,’ it’s, ‘I can’t afford it this year because I’ve paid so much more for so many other things.I just don’t have the financial means to buy it this year.’”Small bags of candy were the only sizes seeing sales growth through mid-October, Costagli noted.
Large and extra-large bags were seeing the biggest declines.US candy prices have been climbing faster than the rate of inflation for several years.As of September, candy and gum prices were up 44% over a five-year period, according to government data.
Prices for all food eaten at home rose 22.5% in the same period.This week, discount grocer Aldi was advertising a 135-piece variety pack of Mars Inc.chocolate bars – including Milky Way, Trix and Snickers – for $19.87.
That’s almost the same price consumers paid for a 250-piece variety pack five years ago.Cocoa prices are the main culprit.Global cocoa prices reached a record high of $10,710 per metric ton in January 2...