Aussies spending $4b on Easter as chocolate costs soar

This Easter, Australians are set to splurge billions of dollars on celebrations as the cost of chocolate and festive treats continues to soar. Data from agribusiness banking specialist Rabobank shows that Australia’s retail chocolate prices are up 8.8 per cent from the previous year, attributed to a global cocoa deficit now in its third season.

The shortage of cocoa beans production in key countries such as Côte d’Ivoire and Ghana, which account for 60 per cent of the world’s supply, has contributed to the spike in prices. Various factors such as adverse weather conditions, ageing trees, and crop diseases have led to the deficit, alongside increasing sustainability regulations and requirements in import markets such as the European Union.

The significant rise in global cocoa prices, nearly three times higher than last Easter, has also impacted the cost of snacks and confectionary items in Australia, with prices up by almost seven per cent in the past year. For instance, a Cadbury dairy milk chocolate block that cost around $5.50 last year now costs $6.

Market Analyst at eToro, Josh Gilbert, highlighted that escalating transportation, labour, and packaging costs have exacerbated the situation, and consumers are expected to bear the burden. The need for producers and retailers to replenish their stocks at higher rates further cements the higher prices as the norm.

According to a survey by comparison site Finder, the average Australian plans to spend $1185 on chocolate, food, eating out, and travel during Easter, totaling about $4.4 billion across the nation. This includes an average of $57 on chocolate alone for those planning to buy Easter eggs.

Despite cost-of-living pressures, some individuals are rethinking how they celebrate Easter to stretch their budgets. With Australia’s inflation still above the Reserve Bank of Australia’s target range of two to three per cent, high chocolate prices are expected to persist. According to the central bank’s forecasts, inflation is not projected to return within target until the end of 2025, indicating that Easter could see another season of expensive chocolate prices.