The price of cocoa has collapsed - this is how it is seen in stores
Chocolate has frequently been on sale in stores due to the collapse in cocoa prices, attracting consumers to purchase more.
In early 2023, chocolate sales have seen a significant increase in Finland as stores are responding to the recent collapse in cocoa prices. Retailers such as S-Group, Lidl, and Kesko are offering competitive promotions on chocolate, with discounts and special campaigns becoming a regular strategy to boost sales. This trend is evident, as stores report high volumes of chocolate being sold, directly linked to chocolate promotions rather than leftover holiday stock, which is now sparse.
According to Mikko Kovalainen, the sales manager responsible for S-group's grocery stores, the promotion strategy has shifted due to fluctuating cocoa prices. He notes that consumers are purchasing chocolate more during these promotional periods, indicating a market response where attractive offers draw shoppers into stores. This season, traditional holiday chocolates from the previous year are no longer cluttering the shelves, reflecting a change in consumer buying habits.
Lidl's purchasing manager, Petteri Nysten, adds that their promotions focus on products that capture consumer interest, aligning with the strategy to increase chocolate sales. This development in promotional practices underscores the importance of market dynamics on consumer behavior, showing how retailers are adapting to price changes in raw materials like cocoa. Both sales data and insights from retail managers suggest a shifting landscape in how consumers engage with chocolate products, priming a more promotional-oriented market where good deals are crucial for driving sales.