More People Buy Chocolate Amid Recession, Cadbury Sales Up
Chocolate companies are enjoying strong sales amid global financial crisis as more consumers are spending their money to buy comfort foods especially chocolates. According to report, Swiss chocolate makers enjoy 2 percent increase in sales during the fourth quarter in 2008.
Meanwhile, Cadbury also posted strong sales in UK, Ireland, Asia, and Middle East.
Chocolate maker Cadbury PLC posted 2 percent increase in sales as more consumers buy sweets to lessen their anxiety over the volatile economy, global financial crisis, and unemployment threats.
In Ireland and UK, Cadbury’s sales were up 10 percent as traditional shell eggs and crème eggs—sweets which are popular every Easter Season—were sold out. According to the company, sweets associated with the holiday have increased by more than 20 percent in sales.
In Asia and Middle East, Cadbury’s sales rose by 11 percent and 12 percent, respectively.
While Cadbury’s sales were up in some regions, its profit declined in North America by 6 percent. In the European market (outside UK and Ireland), sales also declined by 8 percent.
Cadbury, which also produce candies and gums, said nearly 50 percent of its first quarter sales accounted for chocolates. Meanwhile, the company has stopped producing beverages last month as this market does not generate profit as expected.
Despite the financial crisis, Swiss chocolate makers posted record high sales in the fourth quarter of 2008, selling over 185,000 tons of sweets or 2 percent increase from the previous year.
According to experts, comfort food especially chocolates will have surging sales amid recession.
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