Halloween spending reaches record as candy inflation weighs on sales
publishers 58articles 61first reported 18 Oct, 20:37 UTCdeveloping since 19 Oct · 14 editions
Americans are expected to spend a record $13.5 billion on Halloween this year, up from $13.1 billion last year, even as higher candy prices prompt more cautious shopping, according to the National Retail Federation. The group projects $4.1 billion in candy purchases, with 96% of celebrants planning to buy it.
Candy and chewing-gum prices rose 7.7% in September from a year earlier, outpacing broader food inflation, CNBC reported, citing Consumer Price Index data. Wells Fargo Agri-Food estimates chocolate prices are about 8% higher than last Halloween. Although cocoa futures have fallen from historic highs, much of the chocolate currently in stores was made with cocoa purchased six to 12 months earlier, delaying relief for consumers.
Sales have weakened as prices rise. NielsenIQ data showed Halloween candy sales down 6.7% in the period ending Oct. 17 compared with a year earlier. Hershey said category sales at convenience stores fell 5% in September and remained under pressure in October, while sales outside that channel grew 3.7% during the third quarter.
Hershey’s third-quarter net sales increased 3% to about $3.28 billion, driven by higher prices as sales volume declined. The company narrowed its full-year organic net-sales growth forecast to about 3%.
Other Halloween costs have also increased. The average retail pumpkin price reached $5.36, 11% above its September 2020 level, according to the U.S. Department of Agriculture. Drought reduced pumpkin yields by roughly 30% to 40% in parts of Texas, CNBC reported.
HOW THIS STORY WAS MADE
Written from 8 articles, 3 with the publisher's own text; 8 independent newsrooms once syndicated copies count as one; this version written 294 h after the record first saw the story; the editor kept it as written.
- Publishers
- 58
- Source articles
- 61
- Given to the writer
- 8, 3 with the article's own text
- Independent newsrooms
- 8
- This version written
- 294 h after the record first saw the story
- Second model (editor)
- kept as written
- Publication gate
- passed
- Human review
- none
WHAT THE EDITOR DID
The second model checked the writer's draft against the same sources and published it as written.
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