The 2023 Halloween season continues to be marked (for the second year in a row) by an increase in candy prices. According to Datasembly, candy costs increased on average by 13% compared to the same period in 2022 (when they had already increased 13% over the prior year).
Among the causes of the increase are inflation (a 6% increase in food prices in general) as well as cocoa costs being at their highest level in 44 years and sugar prices at their highest level in 12 years.
Prices will not drop in the first half of 2024
Oct. 31 and Nov. 1 are the most relevant and important dates for purchasing candy. Forecasts indicate that Americans will spend 9.2% more when purchasing candy compared to 2022, despite the fact that around a third reported that they intend to change the brands they normally consume for cheaper ones (to reduce their expenses). Dan Sadler, chief customer officer at Circana, commented in statements reported by CNBC:
Price relief may not be in sight, at least until the first half of 2024.
According to a report from the National Retail Federation, total spending (costumes, pumpkins, candy, and decorations) in the nation during the Halloween season is expected to set a new record of $12.2 billion, up from $10.6 billion in 2022. Of this figure, the forecast for spending on candy is $3.6 billion, compared to $3.1 billion last year.
On the other hand, pumpkins will cost 0.69 cents per pound (10 cents higher than last year). Americans are expected to spend a record $108.24 per person on the holiday.
