Soaring Candy Sales Sweeten Hard Times

Confectioners' profits rise as people seek comfort
By Matt Cantor,  Newser User
Posted Mar 24, 2009 9:03 AM CDT
Candy provides relief to many troubled by the economy.   (Shutterstock)
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(Newser) – Tough times don’t seem to be trickling down to inexpensive candy shops, where adult customers are flocking for a sugar-coated escape from their troubles, the New York Times reports. “People may indulge themselves a little bit more when times are tough,” says an analyst. And indulge they are: People are putting candy “in their actual budget,” says a store owner.

Big confectioners’ sales are soaring: Cadbury’s profits rose 30% and Nestle’s 10.9% in 2008, the companies reported. Hershey had a rough year, but its fourth-quarter profits climbed 8.5%. “Candy companies are relatively recession-proof,” notes an expert. “During the Great Depression, candy companies stayed in business.” Snickers, Tootsie Pops, and Three Musketeers bars all appeared in the early 1930s.