On today’s WJR Business Beat segment, Jeff shares a story of sweet success: according to Koupon, candy sales are up! While trips to the stores have decreased around 12 percent, candy sales are growing at a clip of 6 percent.
So, what does this mean for entrepreneurs looking for business opportunities?
Tune in to the segment below to find out!
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Good morning!
Here’s a good one to take us into the weekend. When the stay at home orders were first issued and we were all sequestered into our homes, dazed and confused by the pandemic bearing down on all of us, not knowing where all of it was going, how serious it was going to be, et cetera, et cetera, we were all looking for ways to find comfort and find answers to help us get through all of this. And many of us returned to things familiar and simple, like baking bread at home. You remember what a huge trend that was early on. And we also know that liquor and tobacco sales increased during this period of the pandemic, as well.
These are signs that people are looking for simple pleasures and simple comfort to help them get through this period. And here’s another sign of changing consumer buying patterns. Candy. That’s right, candy is a hot category right now as consumers once again seek comfort in those simple pleasures.
Just released research from Koupon Insights Team, that’s coupon with a K, they’re in the business of collecting and reporting consumer buying behaviors that help brands drive more sales.
They indicate the following statistics highlighting candy’s popularity in a recent study: trips to the stores have decreased around 12 percent, yet candy sales are growing at a clip of 6 percent. Checkout baskets with candy included are experiencing a 14 percent increase in sales, and it’s the chocolate brands that are the big winners as they lead the category and overall growth.
The brand’s winning big in the chocolate category? How about Reeses, M&Ms, Snickers and Hershey’s leading the way. In the non-chocolate categories, we’ve got Starburst, Skittles, Sweet Tarts, and Lifesavers leading the growth in that category.
So, a sweet story on the face of it, but a deeper look tells us a lot more. Again, we know that bread, alcohol, tobacco sales, all increasing over this period of time. Candy now is, too.
Look, if you’re an entrepreneur looking for opportunity, look for defining ways to deliver simple comforts to those of us spending more time at home than ever before.
So, you grab your Reeses, I’ll grab my Snickers and let’s make it a great weekend.
I’m Jeff Sloan, founder and CEO of StartupNation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.
