While Halloween candy remains a priceless treat for children of all ages, the actual cost of candy has increased.
Still, even the rising price of candy will not stop people from having a spooktacular Halloween this year. A whopping 73% of people are expected to join in on the Halloween fun, a notable uptick from last year’s 69%.
Nearly 70% of individuals who celebrate Halloween plan to distribute candy this year. Consequently, spending on Halloween treats is expected to rise to $3.6 billion, a significant increase from last year’s $3.1 billion.
“More Americans than ever will be reaching into their wallets and spending a record amount of money to celebrate Halloween this year,” National Retail Federation president and CEO Matthew Shay said in a press release.
As such, total Halloween spending is projected to reach a record $12.2 billion, breaking last year’s record of $10.6 billion.
In Texas, pricing for Halloween candy has increased 10.9% from last year and 35.9% over the previous three years, according to scholarship database Scholaroo, which analyzed candy price index data from all 50 states.
Maryland has purportedly experienced the highest hike in the price of Halloween candy, with a significant increase of 40.2% since 2020.
Consumers will have to pay more for their favorite treats this Halloween season in part due to sugar shortages driving up production costs, as reported by NBC 5 DFW.
The current sugar shortage in the United States is largely attributed to the country’s agriculture policy, which mandates that a minimum of 85% of sugar purchases be sourced from domestic processors. As a result, when demand goes up, supplies get tight, and prices tend to rise, per The Wall Street Journal.
Many sugar farmers and processors in the United States are concerned about the competition they face from foreign sugar producers who offer subsidized sugar at artificially low prices. The issue has caused a lot of debate and discussion within the industry, as it affects the livelihoods of many sugar farmers and processors in the United States.