The Spooky Truth Behind 2024’s Halloween Candy Costs
Halloween candy prices are scarily high this year, but one of the reasons behind this trend is likely not what you might expect.
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According to data from Statista, consumers in the United States are expected to spend about $3.5 billion on candy during the 2024 Halloween season. While that sounds like a lot, it's actually a slight decrease compared to 2023 and the first decrease in expected spending since 2020. This can be attributed to the fact that prices are much higher this year, which means many households will likely be leaving their porch lights off on Halloween night.
The Cost of Halloween Treats in 2024
The cost of Halloween candy has actually been rising steadily over the past two decades. In fact, the average Halloween expenditure has more than doubled since 2005. According to NetChoice, the price of Halloween candy in the U.S. was 13% higher in 2023 than in 2022, with U.S. consumers spending $3.6 billion on candy.
This year, however, spending is projected to break these records, with half of shoppers planning to spend more than $51 on candy this season. To put that into perspective, in 2023, Americans spent an average of $31.93 on Halloween candy, which represents about a 60% increase year over year.
What Is Causing Soaring Halloween Candy Prices?
So, why are prices so high in 2024? Inflation is a big piece of the puzzle, but another significant reason may not have been on your radar. NetChoice notes that the price of chocolate skyrocketed in 2024 due to supply chain disruptions and the growing cost of cocoa, which is the key ingredient in chocolate. Cocoa beans reached an all-time high in April, with the price nearly tripling from January to June.
According to ABC News, approximately 70% of the world's cocoa is sourced from beans grown in West Africa. However, over the past two years, changing weather patterns have negatively impacted cocoa bean production, leading companies to pay more for cocoa beans to meet demand. Luckily, if you're still craving candy after Halloween, chances are you'll be able to snag some pretty great deals as stores work to clear the shelves.
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