Total holiday spending is projected to hit an all-time peak of $13.5 billion despite widespread inflation across festive essentials. Cocoa supply constraints have pushed current retail chocolate costs roughly 8% above last year's figures, driving a notable slump in overall sales volume. To adapt, consumers are actively changing their buying habits by choosing candy packages weighing nine ounces or less. Major stores like Target and Walmart are attempting to retain budget-minded buyers by featuring steep seasonal markdowns.
Key points
Global cocoa shortages in West Africa have pushed current retail chocolate prices an esti…: Global cocoa shortages in West Africa have pushed current retail chocolate prices an estimated 8% higher.
Halloween chocolate sales dropped by $33.1 million, driven largely by a steep decline in…: Halloween chocolate sales dropped by $33.1 million, driven largely by a steep decline in milk chocolate purchases.
Budget-conscious consumers are purchasing smaller packages under nine ounces, lifting uni…: Budget-conscious consumers are purchasing smaller packages under nine ounces, lifting unit sales in that category by 14%.
Sources checked by our analysis pipeline: 1
Halloween shopping got costlier this year as higher prices hit everything from the candy bowl to the pumpkin on your front porch.
It's not only rough on consumers, but may also hit companies like Hershey.
Americans are expected to spend $13.5 billion on Halloween, up from last year's record $13.1 billion, according to the National Retail Federation.
"Consumers continue to make Halloween a spending priority, but they are also approaching the season with affordability in mind," said Allison Zeller, NRF vice president of industry and consumer insights.
Inflation is rippling through everything from candy to costumes. Pumpkins are costlier too. The average retail price reached $5.36 this year, up 11% from September 2020, according to the U.S. Department of Agriculture. Drought reduced yields by roughly 30% to 40% in parts of Texas, a major pumpkin-growing state.
Candy and chocolate
Candy remains one of the biggest expenses this Halloween and prices increases are running ahead of broader food inflation, though the rate of increase has slowed.
Candy and chewing gum prices were up 7.7% in September from a year earlier, according…
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