Chocolate inflation in the US stood at 0.060% in April 2023, according to GlobalData’s report on the prices of stock keeping units (SKUs) supplied through online retailers. In Q2 2023, GlobalData monitored the pricing of 623 chocolate SKUs from companies such as M&M’s, Milka and Ritter Sport that were sold by e-retailers. Buy the report here.
Pricing is crucial, especially in a challenging economic climate, as competitive pricing and price leadership impact consumers’ choices. GlobalData’s pricing analysis reveals that GermanShop24 offered lowest prices of the total SKUs within the chocolate category from April through June 2023, followed by Wegmans and Target. According to the analysis, the price range of $5 and below was the most competitive, with 277 SKUs.
The chart below illustrates price leadership among the covered retailers which offer the highest number of low-priced products in the category. Of all retailers, GermanShop24 had greatest share of lowest prices for individual SKUs in chocolate in the US in Q2 2023.
Analysis of the quarterly price data showed that Hannaford offered the highest number of SKUs on discount among the listed SKUs for each retailer. Among variants, the tracker revealed milk and peanut butter as the most popular (by number of SKUs) chocolate variants. These were priced 22.08% higher than the average price of a chocolate SKU.
Among the e-retailers tracked by GlobalData, the leading ones, based on the number of SKUs, were GermanShop24, Wegmans, Target, Staples and Coborns Delivers. According to the analysis, LIDLUS had the lowest average unit price, while the retailer with the widest product assortment was GermanShop24.
The report brings attention to the intricate pricing dynamics within the chocolate market, examining both the SKU and retailer levels, and offering invaluable insights for stakeholders. Notably, GermanShop24, Wegmans and Target stood out as prominent e-retailers, providing competitive pricing for a substantial number of chocolate SKUs. However, to comprehensively grasp chocolate market in the US, continuous tracking of SKU pricing over time is necessary.
For a more detailed analysis of pricing trends in the the US chocolate market, buy the report here.