Chocolatiers battle rise in cocoa prices, lower demand from consumers
Chocolatiers in Singapore have had to innovate to keep sales up, even during traditional peak periods like Mother's Day. Retailers been hit with a double whammy, with prices of key ingredients surging up to three times over the past year due to climate change. Consumers are also tightening their belts, spending up to 15 per cent less per basket. Chocolate makers see more affordable products move faster over previous festive seasons, and have had to resize and rethink packaging, ultimately to maintain the quality of their products while keeping them affordable. Natalie Ong with the reporting.
Chocolatiers in Singapore have had to innovate to keep sales up, even during traditional peak periods like Mother's Day. Retailers been hit with a double whammy, with prices of key ingredients surging up to three times over the past year due to climate change. Consumers are also tightening their belts, spending up to 15 per cent less per basket. Chocolate makers see more affordable products move faster over previous festive seasons, and have had to resize and rethink packaging, ultimately to maintain the quality of their products while keeping them affordable. Natalie Ong with the reporting.
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