Expect the Horror of Higher Prices on Candy This Halloween
(Daily360.com) – Parents and other festive Americans are gearing up for a night of trick-or-treating, candy, parties, and spooky antics to celebrate Halloween. Traditionally, filling bowls with lollipops, chocolate bars, and candy corn hasn’t put a huge dent in family budgets, but this year tells a different story.
On October 26, UPI revealed a report from S&P Global Market Intelligence that said candy prices were expected to be 14% higher than last year. Economist Akshat Goel said that’s the biggest increase on record — by a lot.
Candy prices aren't going higher. Candy bars are getting smaller. https://t.co/itv3KQ1Tcb
— WBAY-TV 2 (@WBAY) October 27, 2022
Datasembly listed sweet treat price jumps as the highest this quarter, at 7.6%, followed by condiments, sauces, and spices. Regardless, the National Retail Federation believes Americans will spend about $3.1 billion on candy alone this holiday season, with 69% of the population saying they intend to celebrate the holiday.
Not only are prices rising, but product sizes are getting smaller. Shrinkflation is the practice of reducing the size of, say, a chocolate bar but charging the same price. The consumer doesn’t experience a hit to their wallet but receives less product than they did just a short time ago. For instance, Cadbury Milk Chocolate Bars are around 10% lighter than they once were, but the cost remains the same. That way, businesses can keep customers while protecting their bottom lines.
Did you buy candy this year?
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