More expensive,
less consumption?

How shoppers track their
consumption as prices rise

Since 2023, international prices of cocoa – the main input for chocolate – have experienced a historic rise, reaching an increase of 189% in 2024. This raises a key question for brands: does the price increase translate into a direct drop in consumption?

To answer this, Worldpanel analyses the real behaviour of households in Latin America through its household panels. This methodology allows us to go beyond sales figures, understanding what consumers do in times of economic pressure: do they buy less, switch brands, choose other channels, or adjust frequency and format?

By analysing the consumption of chocolate in Brazil, Colombia, Mexico, and Chile since 2023, we seek to confirm whether the perception that price increases negatively impact consumption is true – especially in indulgence categories like chocolate.

Price is not the
end of consumption

Although the rise in cocoa price has been widespread, consumer behaviour in Latin America is nuanced. While spending has grown in many countries due to the effect of price, the total volume of chocolate purchases has not dropped at the same rate. This suggests households are deploying compensation strategies: they decrease frequency, opt for smaller presentations, look for new purchase channels, and switch brand types.

While in Brazil, Colombia and Mexico the category has recorded volume increases as prices go up, in Chile the situation is the opposite: despite experiencing the smallest price increase, the country has seen a 3% drop in purchase volume.