Even as Easter shoppers have increased their budgets by 15% since 2020, prices for candy for the holiday have soared by 67% during that time.

According to an analysis from InvestorsObserver, the same Easter budget today now buys 40% less candy than it did in 2020. That's been driven by price increases for a range of candies, with Hersey's milk chocolate bars more than doubling in price, Reese's Peanut Butter Cups rising by 54%, and Reese's Peanut Butter Eggs up by 57%.

However, the path to higher candy prices has been gradual, with a series of small price bumps over the course of years having made it difficult for consumers to be aware of what's been happening. Some brands have also hidden price increases behind changes to packaging, with Cadbury Mini Eggs shrinking from 10 ounces to 9 ounces in 2022 with no price change.

“It’s the classic boiling frog scenario that actually shows up in groceries year-round," said InvestorsObserver senior analyst Sam Bourgi. "You don’t jump out of the pot because the water heats up one degree at a time. By the time you realize how hot the water has gotten, you’ve already lost significant purchasing power."

American shoppers have also lost what used to be what InvestorsObserver calls a "reliable mental anchor" when shopping for Easter candy. In the past, most people understood that Easter candy should cost around $4 per bag, giving them a simple reference point that made it obvious when they were getting a good deal at the grocery store. To wit, prices for Easter candy in 2020 generally clustered between $3.49 and $3.99, whereas today, that spread has widened to $4.79-$8.29, with substantial variances across brands and candy types.

Between not having that vital reference point and the natural habit of shoppers to not notice gradual changes, many have been stuck paying more for candy than ever without even fully grasping the severity of recent price increases.

“Six years of incremental price increases, shrinking packages and shifting price ranges have reshaped what an American Easter tradition costs; not in one dramatic moment that might have prompted outrage, but in the slow, invisible way that leaves families spending more and getting less, year after year, without ever quite seeing it happen," said Bourgi.