NEW YORK β More than half of Americans are reducing their Halloween spending this year as rising prices cast a shadow over the spooky season, with candy costs particularly frightening consumers.
A recent survey found 57% of Americans say higher chocolate prices are impacting how much they spend on sweets this Halloween, forcing many families to make tough choices about their trick-or-treat preparations.
Mitchell Cohen, third-generation owner of Economy Candy in New York City, understands the challenge better than most. His family's store, the oldest candy shop in the city, was founded by his grandparents during the Great Depression with a mission to keep sweets affordable.
"Halloween is our Super Bowl. You know, this is our busiest month of the year," Cohen said.
But this year, the costs are concerning even him.
"We are feeling it, but we hope that, you know, quarter to quarter, things will change. We're hoping to stave off raising prices for as long as we can," Cohen said.
The numbers tell a stark story. Over the last five years, overall candy prices have surged nearly 37% due to inflation, tariffs and weather conditions. Cocoa alone saw a 310% price increase last year due to droughts in West Africa.
Despite the sticker shock, Americans are still expected to spend nearly $4 billion on sweets this year, though many are adjusting their purchasing strategies.
LeighAnn Rodd and her family from Nashville expect to spend $50 more than last year to prepare for about 400 trick-or-treaters visiting their home.
"I'm trying to buy more, probably sad to say, give them more like of the sugar candy, less of the chocolates. Cause it's cheaper," Rodd said.
Rebecca Rickert with Empower, a financial services company that surveyed 2,000 Americans on Halloween spending, said consumers are finding creative ways to maintain their celebrations while managing costs.
"I think that people are still getting ready for the celebrations, but they may be pulling back in some areas, like buying smaller-sized candies or changing what's in the treat bag this year," Rickert said.
Cohen's approach involves absorbing some costs to attract new customers and retain loyal ones, a strategy that hasn't gone unnoticed.
"I had customers come up and thank me for not raising prices like everybody else's and it's great to hear and you know, it makes you feel good," Cohen said.
There may be sweet relief on the horizon. Experts predict candy prices could start declining as soon as Valentine's Day because weather conditions have improved in regions that grow cacao.
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