Budget-conscious Halloween beckons for families around the world, according to latest survey
happy family mother father and children in costumes and makeup on a celebration of Halloween in dark home
Spooky enjoyment on a budget is anticipated to be a core theme of this year’s Halloween celebrations when it comes to consumers choices of seasonal treats and festivities, according to analysis from Euromonitor, writes Neill Barston.
As has been reported by Confectionery Production, this Halloween season, which remains a billion-dollar market in the US and popular around the world, has seen many manufacturers move to launch affordable product ranges earlier than ever before.
This led to the emergence of buzz phrases such as ‘summerween’ as brands enthusiastically rolled-out the the supernatural sweet treats in a bid to capture a slice of the market, which remains notably competitive across sweets and snacks segments.
Carl Quash III, Head of Packaged Foods, Snacks and Nutrition at Euromonitor International, observed that overall levels of spending on the season may in fact prove to be down this year due to a number of factors.
He said: “The National Retail Federation (NRF) estimates that overall spend on Halloween will decline this year versus last year. However, the confectionery category is expected to remain steady, as it is an essential part of the core season’s celebrations of trick-or-treating.”
Significantly, with global cocoa and sugar prices skyrocketing and with chocolate prices rising 17% in the US over the past two years, cost-saving strategies will likely be deployed this year and possibly result in a step up in non-chocolate confectionery sales during the Halloween season.
Quash added: “Globally, seasonal chocolates hold the highest average unit prices and are expected to see the steepest price hikes among all confections. With that in mind, chocolate products from private labels and non-seasonal chocolate pouches and bags may be welcomed replacements to Halloween-themed chocolates this year. This is a prime opportunity for brands to innovate and deliver delightful, affordable indulgences to bring growth to that sector and that keep the magic of Halloween alive.
“We are also witnessing a shift towards non-chocolate alternatives that cater to evolving consumer preferences. Pastilles, gummies, jellies and chews category is outpacing growth of seasonal chocolates across several key markets such as Canada, Mexico and the UK given their lower price points and ability to deliver on indulgent sensory demands,” said Quash.
Significantly, as Euromonitor added, food and beverage manufacturers’ future growth strategy includes targeting new consumer segments and occasions with existing products, according to Euromonitor International’s Voice of the Industry Key Consumer Insights. For Halloween, this translates into manufacturers looking beyond the saturated, core US market and considering the relevant demand for ‘treating’ across new markets.
Quash said: “There are other nations around the globe that celebrate Halloween or some other holiday around the end of October/early November, and each country has its own unique traditions that often favor traditional foods over chocolate and sugar confectionery snack consumption.
“Markets like India, Brazil, Poland and the Philippines where Halloween celebrations are budding, particularly among younger consumers, understanding the importance of local traditions first and foremost will help manufacturers begin to adapt treating opportunities to meet the nuanced demand each market expects.”
