Mars also sets in motion 7% price hike
Move follows recent announcements by Nestle, Hershey.
Mars Chocolate North America confirmed that it, too, is raising prices for many of its confectionery products, bumping them up an average of 7 percent.
Ampy Vasquez, senior manager, brand public relations – corporate affairs for Mars Chocolate North America, says the company “implements price increases only after careful consideration.
“We have worked to hold down costs by undertaking a number of business transformation initiatives,” she explains. “In the three years since our last price increase, in March 2011, we have invested significantly in the category and have experienced a dramatic increase in our costs of doing business. We have invested dollars in advertising, domestic manufacturing, sales resources, and key innovation, which have contributed to category growth. In order to continue to support our desired marketing levels and manufacturing capabilities we must balance our business model to offset rising costs.”
Noting that prices would climb 7 percent on average, Vasquez did point out that the exact percentage would vary by product.
Last week The Hershey Co. announced it would raise prices by 8 percent. And, Nestle revealed in April that it would increase prices for its confectionery products to offset commodity and currency costs.