Chocolate lovers in the UK are feeling the effects of a decline in chocolate bar sales, with approximately 160 million fewer bars sold in the past year.
Rising prices impact Britain's favorite chocolate bars
Cadbury's Dairy Milk, the country's most popular chocolate bar, has seen its sales decline by four million bars as prices have skyrocketed by 50%. Other beloved chocolate bars such as Kit Kat, Galaxy, Maltesers, Twirl, Lindor, and Kinder have also seen a decrease in sales over the past 12 months.
Shrinking sizes and soaring prices
Industry experts attribute the decline in chocolate consumption to both price hikes and shrinking chocolate bar sizes. On average, chocolate bar prices have risen by 16%, with Dairy Milk's 110g bar seeing a staggering 50% increase from £1 to £1.50. Quality Street, Galaxy, and Lindt Lindor have also experienced price increases of over 40%.
In addition to rising prices, chocolate bar sizes have reduced. Cadbury's Buttons, for example, have shrunk by 23% from 240g to 184.8g.
Consumption and spending habits
A recent report by market research firm Mintel reveals that chocolate consumption in the UK has declined by 16 million kilos in the past year. However, despite consuming less chocolate, shoppers have increased their spending on chocolate by six percent.
The rising cost of cocoa and energy expenses for chocolate factories are identified as the main factors behind the price increases.
Richard Caines, chocolate analyst at Mintel, explains, "People are eating chocolate less frequently, and soaring prices are a major reason for this trend."
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