Rising prices cool consumers’ taste for chocolate

STORY: U.S. retail sales of chocolate have been “off and down” 2% to 3% the last couple of months

That’s according to Hershey Co vice president Melisa Poole

Hershey's performance closely tracks the rest of the industry

Chocolate sales, among other consumer products, had ballooned during the pandemic

But sales are starting to drop, while shoppers are now choosing individual bars over multipacks

Source: IRI

Prices of chocolate, meanwhile, have soared 8.2% versus a year ago in the 13-weeks ending June 12

Quote from Daniel Sadler, principal at IRI:

"We're going to see chocolate becoming more sensitive to price. Consumers will treat themselves, but it will be smaller sizes, a small treat. That's why you're seeing (a sales) volume decline."

Some chocolate makers have been taking weight out of products, often called “shrinkflation”

The result is a slimmed-down package at a similar price