'A little goes a long way': New York's candy stores sweeten economic gloom
Summary
Candy stores in and around New York City are growing despite wider economic struggles and low consumer confidence in the US. These shops offer affordable treats that people continue to buy even when cutting back on bigger expenses.Key Facts
- Economy Candy, the oldest candy store in New York, has been open since 1937 and adapted from a repair shop to selling sweets during the Great Depression.
- US retail sales rose 4.9% in April compared to last year, but consumer confidence hit a record low in May.
- Candy has a low price, allowing many people to buy it even when money is tight, a behavior linked to the "lipstick effect" where people buy small luxuries during hard times.
- New candy stores like The Village Confectionery and shops by BonBon and Candy King are opening in and around New York City.
- BonBon prefers smaller store locations on side streets with lower rent to keep costs down and create cozy atmospheres.
- Swedish candy, known for natural ingredients, is growing in popularity and is featured in some new stores.
- Candor Candy’s in Brooklyn also sells pantry items to increase sales but focuses mainly on candy because it has a long shelf life and doesn’t need refrigeration.
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