Chocolate is still a luxury people are unwilling to give up, even in tough times, if Cadbury PLC profits are anything to go by.
The company which makes Cadbury chocolates, Trident and Dentyne gum, and Halls and Bassett’s lollies, said profits have tripled in the first half of the year, with net profits reaching A$621.34 million, compared to A$224.32 million a year earlier.
Sales of chocolate surged 13 percent in the second quarter, double that of the 7 percent growth in the first quarter.
According to Cadbury, people are choosing to enjoy themselves at home rather than going out during the recession, which means staying in with comfort food such as chocolate and bagged lollies.
Keith Bowman, analyst at Hargreaves Lansdown Stockbrokers added that in tough economic times, consumers will also look out for low cost treats such as chocolate and sweets.
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