Do you think all businesses are suffering right now? Well guess what makes the hard times a little easier to handle – candy. There are many historical markers that show candy sales soar when the economy is in the tank. As unemployment rises, so do sales of Tootsie Rolls, Gummy Bears and Hershey’s Kisses. Terese McDonald, owner or Candyality in Chicago says her business is up 80% compared to this time last year. She’s struggling to keep up with the demand for Bit-O-Honeys, Swedish Fish and Sour Balls.
Nestlé’s profits surged a staggering 30% in 2008. British chocolate maker Cadbury saw their revenue rise 10.9% in the same time period.
Remember the Great Depression? Candy companies found a burst of growth in the 1930s as well. Those hard times spawned the introduction of such candy great as Snickers (1930), Tootsie Pops (1931), Mars bars and Three Musketeers (1932).
It seems candy brings back memories of better times before bank collapses and government bailouts. And yes, sales of candy up and down Wall Street have exploded as out of work bankers and stock brokers look for a little sugar lift in a languishing economy. Perhaps a small indulgence dulls the sting of no paycheck.
Are you recognizing similar opportunities that may actually be fueled by the struggling economy? Is this recession a help or a hindrance to your current business? Don’t assume that every business is suffering.