The price of Halloween candy in the US has soared a frightful 13% since October 2022 — more than double the 6% increase across grocery prices generally, according to a survey.
During the past year, the price of chocolate alone has increased roughly 12%, research firm Datasemby found after collecting sales information from over 150,000 stores across 30,000 zip codes representing 200-plus retail banners.
So-called candy-flation rates — which aree hitting double-digits for Halloween for the second year straight — are even higher in some states, especially in the Northeast.
Consumers in Vermont, Maine and Pennsylvania can prepare to be spooked by candy prices up 14.7%, 14.2% and 14.1%, respectively, from last Halloween, per Datasembly’s findings, which were earlier reported on by CNBC.
States with the smallest price increases: Alaska, Michigan and Ohio, where a bag of candy will cost just 7.1%, 7.5% and 8.1% more, respectively.
On Monday, just one day before Halloween, Walmart has discounted some of its assorted variety packs, such as one with 365 pieces of mini-sized M&M’s, Twix and Snickers that’s on sale from $23.99 — down from a staggering $52.99.
The catch is that it’s only available for shipping, and won’t arrive at your doorstep until Nov. 2 — well after the trick-or-treaters do.
A similar assortment with 375 pieces is not on sale, and will run customers a whopping $49.98, while a smaller bag of 250 pieces with the same candies is $26.88.
That same 250-piece bag of mini Mars confections is $27.99 at Target, according to the retailer’s website.
For full-sized candy bars, an 18-piece variety pack of Snickers, Twix, 3 Musketeers and Milky Way is going for $16.99 at Target.
Believe it or not, the 13% price increases seen when strolling down the sweets aisle is a slowdown from candy’s 20% national increase experienced from October 2021 to October 2022, Datasembly reported.
Because of this, about one-third of US consumers plan to buy value or store-brand candies from the likes of Walmart, Costco and Target for trick-or-treaters this year, according to consumer insights platform Numerator, which surveyed 4,500 adults about their Halloween plans.
Some 30% of shoppers said they expect to spend between $26 and $50 on Halloween-related items, including candy and décor, while just 18% plan to spend upwards of $100, Numerator found.
Hershey — which has raised its prices by at least 7% in each of the last seven quarters, CNBC reported — reported its third-quarter earnings last week, and attributed the price hikes to waning demand.
Hershey’s North American confectionary sales volumes fell 1% in the three-month period ended Oct. 1, though the price hikes “offset volume declines related to price elasticity,” the company said.
Hershey’s North America Confectionery segment netted $2.5 billion in the period.
“We know that value and affordability continue to be top of mind for consumers as budgets are stretched, some less government assistance, the restart of student loan repayments, higher interest rates,” Hershey CEO Michele Buck said on a Thursday conference call with investors.