Hershey warns rising living costs may spook Halloween shoppers
Hershey on Thursday warned that increased pressure on shoppers due to high inflation and interest rates could impact how much consumers spend on candy this Halloween. U.S. consumer sentiment hovered near record lows in October as Americans head into the holiday season with their budgets under strain from high gas prices as a fallout of the U.S. war in Iran. Hershey lowered its annual organic net…
Hershey, the confectionery giant, issued a warning on Thursday that the rising costs of living, driven by inflation and high interest rates, could affect how much consumers spend on Halloween candy. As Americans brace for the holiday season, their wallets are being stretched due to soaring gas prices resulting from the U.S. conflict in Iran.
In response, Hershey has lowered its annual organic net sales growth projection to around 3 percent, citing a slowdown in sales channels such as convenience stores, where shoppers are increasingly conscious of their budgets due to higher fuel costs. The company's focus now is on enticing last-minute buyers seeking bulk candy packages before Halloween, which falls on Saturday, October 31.
Hershey's CEO, Kirk Tanner, emphasized the criticality of consumer engagement in the final days leading up to the holiday. A 51.03-ounce pack of assorted Halloween candy containing 165 pieces is listed at approximately $23.87 on Walmart's website. While Halloween participation is anticipated to mirror last year's figures, financial constraints may influence consumers' ultimate purchasing decisions.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
