Consumers are cutting down on candy budgets for trick-or-treating this Halloween|Steven Miller|CC BY 2.0
The price of candy is scaring buyers this Halloween season, with a 7.5% rise in September compared to the same time last year.
A pack of Snickers that sold for $9 in 2022 now costs $13. A bag of 155 chocolates is up to $21.97 from $16 last September.
Why?
Inflation, federal rate hikes, and increased prices of cocoa and sugar (the key ingredients for chocolates) are the main reasons.
Climate catastrophes like drought and floods in Asia, Central America and West Africa—the primary exporters of sugarcane and cacao to the US—have reduced harvests and increased trading prices.
Though candy makers have absorbed these costs, they are now passing them on to customers.
What to do?
Several consumers are cutting down on their candy budgets for trick-or-treating this year. Instead of buying five boxes like they did last year, customers are buying two boxes this Halloween.
Despite the price rise, the National Retail Federation expects Americans to spend $3.6 billion on candy alone, a 16% jump from 2022. It also projects that they will spend a record $12.2 billion this Halloween on chocolate, costumes, etc.