Have Halloween candy prices taken a bigger bite out of your wallet this year?
You're not alone, and the end result can be downright scary.
According to a report from the firm IHS Global Insight, candy prices were expected to jump 4.2 percent from last year. That is the largest increase in four years.
The report predicts candy spending will hit about $2.2 billion – roughly $18 per household. But for those who live in neighborhoods with a lot of trick-or-treaters, the costs can go way up – just ask Jennifer Edstrom of Robbinsdale.
Edstrom tells Marketplace that her family can get 600 or more costume-wearing visitors on Halloween night. Typically she says they spend about $125 on their October budget for whatever little ghouls and goblins may stop by.
"We actually have a formula in our house for the ratio of chocolate to non-chocolate candy to pass out," Edstrom tells Marketplace. "It's one piece of chocolate for every two pieces of other, less-expensive candy."
The Wall Street Journal notes the sweet tooth price-spike is connected to a price jump in the cost of raw sugar, refined sugar beets and U.S. cocoa powder – causing prices for candy and chewing gum to climb.
And with the National Retail Federation noting that 93.7 percent of Halloween shoppers will buy candy – it means many of us will be paying for the increase.
Some other things Halloween Shoppers Buy
- $1.2 billion will be spent on adult Halloween costumes
- $950 million on children's costumes
- $350 million on costumes for pets
- 33.5 percent will purchase greeting cards
- 44.8 percent plan to decorate their home or yard