Tuesday, May 21, 2024
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Chocolate, salty snacks prove recession-proof for Hershey

HERSHEY, PA. — Even as inflation has impacted American grocery budgets, executives of the Hershey Co. are finding shoppers will still splurge on chocolate and salty snacks. As such, the maker of Reese’s and Skinny Pop plans to accelerate advertising in the year ahead.

“Our largest categories, chocolate and salty snacks, rank as two of the top three resilient treats that consumers are not willing to forgo,” said Michele G. Buck, chairman and chief executive officer, in pre-recorded remarks released ahead of a Feb. 2 earnings call with securities analysts. “Chocolate moments are such a heavily integrated part of consumers’ weekly routines, from rewarding moments to stress relief to self-care, and everything in between, that they indicate they would rather cut back on other expenses to make room for chocolate because they love it so much and it’s affordable.”

A double-digit increase in advertising spend is slated for this year, with nearly half of the increase dedicated to Reese’s, Hershey’s and seasonal products.

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