High Chocolate Prices Impacting Valentine’s Day Gifts

Tokyo, Feb. 12 (Jiji Press)–A surge in cocoa bean prices and consumer inflation in Japan are having an impact on 67.5 pct of women who buy chocolates for Valentine’s Day gifts, a survey showed Thursday. High prices of cocoa beans, the basic ingredient for chocolate, have made them choose lower-priced items and reduce the number of gifts they purchase, according to the survey by market research company Intage Inc. The survey was conducted in mid-January on people aged between 15 and 79 across Japan who are registered as respondents to Intage questionnaires. Valid responses were collected from about 2,500 females. Of them, 42.8 pct answered they have no plan to give chocolates, up 4.0 percentage points from a similar survey last year. An average budget for Valentine’s Day gifts, mainly for family members and themselves, stood at 4,943 yen, up 369 yen. Asked about reasons for the budget increase, 63.6 pct cited higher chocolate prices, and 39.8 pct mentioned general price increases and a weaker yen. Of some 1,450 women who said they will purchase chocolates for Valentine’s Day, the biggest proportion, 33.7 pct, with multiple answers allowed, said the impact from price hikes led them to choose lower-priced items. This was followed by 24.6 pct who plan to reduce the number of items they purchase and 18.9 pct who will buy at places where lower-priced items are available, according to the survey. Meanwhile, 7.9 pct said they will buy other sweets, and 7.7 pct answered they will reduce or stop purchases of chocolates for themselves. Those who decided not to give chocolate gifts totaled 5.8 pct, and those switching to homemade chocolates stood at 3.1 pct. “Our survey last year already showed a strong impact of inflation and higher cocoa prices on women’s behavior,” an Intage official said. “This year’s survey showed an even stronger influence of the surge in chocolate prices on their actions.” END [Copyright The Jiji Press, Ltd.]