Increased Valentine's Day Chocolate Sales Amid COVID-19 Stay-at-Home Measures

[Asia Economy Reporter Yujin Cho] The impact of COVID-19 is reshaping the consumer landscape for the Valentine's Day season.

On the 14th (local time), the U.S. economic media CNBC reported that while dining-out expenses during the Valentine's Day season have decreased due to social distancing measures, chocolate consumption has significantly increased.

According to a survey conducted by the National Retail Federation and Prosper Insights & Analytics, U.S. consumers are spending an average of $165 on dining out, gifts, and other expenses this Valentine's Day season, which is about $32 less than last year on average.

This decline is attributed to reduced demand for dining out at restaurants to enjoy a romantic Valentine's Day with partners or family.

However, chocolate consumption has greatly increased, benefiting from the COVID-19 situation. According to Ferrero, the Italian confectionery company famous for chocolate spreads Nutella and Ferrero Rocher, chocolate sales over the past 52 weeks have risen by 4.7% compared to the same period last year. In particular, sales of premium chocolates more than doubled during the same period.

Ferrero Vice President Filip Deconto said, "Demand for premium chocolates is increasing because they can play a beneficial role in mental health and relaxation."

This is analyzed as a result of increased demand for chocolate as more people suffer from 'corona blues' due to the prolonged COVID-19 pandemic.

He added that the home cooking culture, which has taken root as people spend more time at home due to social distancing, also contributed to the expansion of chocolate demand.

Vice President Deconto said, "As more households have breakfast at home, sales of related products such as Nutella chocolate spread and chocolate syrup are increasing," adding, "This trend is expected to continue for the foreseeable future."

Ferrero has announced plans to build its first self-operated factory targeting the U.S. market, where chocolate demand is surging. The factory, to be located in Bloomington, Illinois, will involve a total investment of $75 million (approximately 84 billion KRW).

(Source: CNBC)

This content was produced with the assistance of AI translation services.