Dive Brief:
- Trick-or-treating has been getting more expensive, with candy prices expected to tick up 4.2% in October from last year. This is the largest rise in four years, according to Chris Christopher, director of global consumer economics at IHS Global Insight.
- This is due to global raw sugar prices increasing, in turn affecting candy and chewing gum.
- However, overall Halloween spending is only supposed to go up 0.7% this year.
Dive Insight:
According to a price index for candy and chewing gum from the Labor Department, the index grew 5.7%, its largest rise since April 2012. The consumer price index didn't change during this time, catching up to it.
Retail sales of Halloween candy are expected to hit $2.6 billion this year, according to the National Confectioners Association. The U.S. has a $35 billion candy industry.
Sales tick up 1% to 3% each year, and this year because Halloween is on a Saturday — allowing more opportunities to celebrate, the higher end is expected.
