If you have yet to purchase candy to hand out on Halloween, you might be in for a scare when you see the prices on store shelves.
Candy prices have taken a sharp rise in recent years, and it looks like the trend isn’t stopping anytime soon.
Sweets factory. Sweets production process. Conveyor belt with sweets on it.
Average Spent On Halloween Candy
Halloween continues to grow into a spending bonanza for many in the U.S. with many revelers starting their shopping well before October. According to a survey by the National Retail Federation, 47% of respondents were buying items well before turning the calendar to October.
“Total Halloween spending is expected to reach $11.6 billion, after last year’s record-setting $12.2 billion,” the National Retail Federation predicts.
The estimated $11.6 billion for this year is still well above totals from years prior to 2022. A decade ago in 2014, the NRF says Americans spent closer to $7.4 billion.
Candy, of course, remains a huge factor driving the total spend. Americans are estimated to spend a combined $3.5 billion on Halloween candy this year.
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A survey of shoppers by SnackAndBakery.com showed that 51% of respondents plan to spend $51 or more just on candy this year. The problem is they might not be getting as much for that total as they have in past years.
Why Does Candy Cost So Much This Year?
Americans are expected to spend more on candy this year, but that doesn’t necessarily mean kids will be getting more treats on Halloween night.
According to ABC News, chocolate production has been slashed by 14% this year making the candy a little more scarce and expensive. The report attributes a shortage of cocoa beans as the reason for reduced chocolate production.
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“About 70% of the world’s cocoa is produced from cocoa beans grown in West Africa but for the past two years, weather pattern changes have hindered cocoa bean growth, forcing companies to pay more for cocoa beans to keep up with the demand,” ABC News says.
Unfortunately, it looks like that increased spending required by companies is being passed on to the consumer.
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