Overall U.S. chocolate retail sales volumes have been ‘off and down’ 2% to 3% over the last couple of months, Hershey’s vice president of investor relations said
Consumers are cutting back on chocolate due to the cost of living crises in Europe and the United States, according to new data and comments from executives at the world’s biggest chocolate companies.
According to Chicago-based market researcher IRI, the volume sold of chocolate products in the United States dropped 1.5 per cent versus a year ago in the 13-weeks ended June 12 as prices soared 8.2 per cent. Cheaper chocolate has a lower cocoa content, meaning even if chocolate makers’ sales volumes stay the same in a downturn, cocoa demand would fall.
“For those who have the money and have the space to store bigger bags, value to them is cheaper price per pound,” Poole said. “Value to others might be something ‘accessible to me’ at an absolute lower price point.”
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