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Insight of the Day: Budget-conscious Halloween beckons for families around the world, according to latest survey

Summary of Findings:

Halloween 2024 is set to be marked by budget-conscious celebrations as global economic conditions and rising costs, particularly in cocoa and sugar prices, shape consumer behavior. This is driving a shift towards affordable treats, with a focus on non-chocolate confectionery like gummies, jellies, and pastilles, which are gaining popularity in markets such as Canada, Mexico, and the UK.

Key Takeaway:

Manufacturers and retailers are expected to focus on affordable indulgences, using cost-saving strategies to attract consumers who are dealing with price-sensitive decisions during Halloween festivities.

Trend:

The core trend is cost-conscious seasonal shopping, with a growing demand for non-chocolate treats due to steep price hikes in seasonal chocolate products.

Consumer Motivation:

Consumers are motivated by the desire to celebrate Halloween despite financial constraints, leading them to seek cheaper alternatives to premium seasonal chocolates.

What is Driving the Trend:

The driving factors include the global rise in cocoa and sugar prices, leading to increased prices for chocolate products. In response, consumers are turning to non-chocolate options that offer affordable indulgence.

People Article Refers to:

The article mentions Carl Quash III, Head of Packaged Foods at Euromonitor International, who provides insights on the consumer behavior shaping Halloween 2024.

Product or Service Description:

The products discussed include Halloween-themed chocolates, non-seasonal chocolate bags, and non-chocolate confectioneries such as gummies, jellies, and pastilles, which offer a cheaper alternative for consumers.

Age of Consumers:

While the article doesn’t specify an exact age range, the focus is on families and younger consumers celebrating Halloween, especially in emerging markets.

Conclusions:

Halloween celebrations in 2024 are seeing a shift toward affordable indulgences, with brands offering non-chocolate alternatives to appeal to cost-conscious consumers. This opens opportunities for manufacturers to innovate and adapt their offerings for different markets.

Implications for Brands:

Brands should explore affordable product innovations and consider adapting their offerings to non-chocolate alternatives, which cater to both price-sensitive consumers and local market traditions.

Implications for Society:

Society is adjusting its consumption patterns to be more budget-conscious, emphasizing the need for affordable celebrations without sacrificing the joy of festive indulgence.

Implications for Consumers:

Consumers will likely gravitate toward affordable non-chocolate treats and private-label products during Halloween, as they try to maintain their traditions without overspending.

Implications for Future:

The future of Halloween and other seasonal celebrations may involve an increased focus on cost-saving strategies and diversified product offerings to cater to global economic challenges.

Consumer Trend:

The budget-conscious consumer is emerging as a key demographic for seasonal celebrations, focusing on affordable indulgences over high-priced, premium goods.

Consumer Sub-Trend:

There is a growing trend of non-chocolate alternatives gaining popularity in response to the steep price increases in chocolate products.

Big Social Trend:

The big social trend here is affordable celebration—consumers want to participate in holiday traditions but are seeking lower-cost alternatives.

Local Trend:

Markets like Canada, Mexico, and the UK are experiencing a rise in non-chocolate confectionery sales due to lower price points and indulgent sensory appeal.

Worldwide Social Trend:

The global trend is cost-conscious consumerism during seasonal events, with brands responding by offering affordable, accessible products across multiple regions.

Name of the Big Trend:

The Affordability-Driven Festive Shopping trend focuses on how consumers are adapting to rising costs during major holidays by seeking cheaper, high-value alternatives.

Name of Big Social Trend:

The overarching trend is Sustainability and Budget-Conscious Consumption, where consumers are focusing on celebrating within their means while looking for products that provide value.

Social Drive:

Economic challenges and rising inflation are pushing consumers to prioritize affordability over premium indulgences during seasonal celebrations.

Strategy Recommendations for Companies in 2025:

  1. Innovate with Affordability: Develop more non-chocolate and cost-efficient treats that still deliver on indulgence and sensory appeal.

  2. Adapt to Local Traditions: Customize product offerings based on regional festivities, like Halloween, by understanding local consumer preferences and traditions.

  3. Offer Private Labels: Invest in private-label products or bulk options to provide consumers with cheaper, yet still festive, alternatives.

  4. Focus on Value-Based Marketing: Emphasize the value for money aspect in marketing campaigns to appeal to price-sensitive shoppers.

Final Sentence:

As consumers increasingly prioritize affordable indulgences during seasonal celebrations like Halloween, brands must innovate by offering cost-effective alternatives while maintaining the festive spirit to capture consumer loyalty in 2025 and beyond.

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