Chocolate fans are in for some bad news: Hershey’s is raising prices on many of their products starting next year.
The news is less of a surprise for people that follow Hershey’s corporate press releases, as the company announced last summer that they’d be raising prices in the immediate future. But now that such a future has come everything seems a little more bleak for having to pay an extra couple of cents for a Hershey’s chocolate bar.
In an announcement last Thursday, Chief Financial Officer Patricia Little that certain Hershey’s products representing about one-fifth of their lineup would see a price increase next year. The price increase will be an average of 2.5%, which the company said is due to rising shipping and commodity costs.
"Our new pricing approach is much more precise," said Hershey’s CEO Michele Buck last summer. She went on to say that the company is beginning to feel the bite of rising freight costs as well as increased logistical costs.
But Hershey’s is doing more than just raising prices; they’re also introducing a plethora of new products for snack-fans to much on. Starting with Hershey's Gold, a "caramelized creme" bar that has both peanuts and pretzels to make for a very satisfying confection. There’s also Reese's Outrageous, a peanut butter chocolate bar which also has Reese’s candy inside.
If you’re a fan of less Reese’s rather than more Reese’s, Reese’s Thins are coming in 2019 and are 40% thinner than regular Reese’s peanut butter cups.
Hershey’s is also eyeing the digital market space to augment their placement next to grocery store checkout counters. The idea would be to partner with a larger online retailer (such as Amazon) and have that platform suggest a Hershey’s product at checkout to make up for the difference to a free shipping price.
Or to just buy chocolate. Like we need an excuse.
According to Fortune, Hershey’s is also cutting down on candy bar sizes and seasonal products to simplify their logistics and streamline their shipping requirements.
Hershey’s isn’t the only chocolatier to raise prices in the face of rising commodity prices. Nestle and Unilever have also jacked up their candy prices, making the world of the candy-bar addict just a little pricier.