Why Chocolate Is Bucking the Trend?

In the US, chocolate sales hit $17.7 billion with the 30th of October this year. This is 21% higher than the pre-pandemic year of 2019. Usually you would expect demand to fall linearly as prices rise. But when a research firm looked at recent data from the US, they saw something else. The demand elasticity for chocolate stood at minus 0.4,. meaning there are 10% increase in price resulted in only a 4% drop in sales by volume.