Have you noticed anything different with Valentine’s Day chocolate prices? Not only did they come with cheesy packaging, but the prices are a lot more expensive compared to previous years. There’s only one factor to blame for this problem, and it’s called “scarcity”. The brief topics related to the economics unit that Mr.Baum reviewed in our AP Government class helped me understand the reason behind the sudden price raises for chocolate. As defined by our lovely teacher, “scarcity” means that the demand for a good or service is greater than the availability of the product itself. Recently, chocolate is beginning to experience scarcity due to a production shortage of cocoa beans. According to NBC Bay Area News, this is a result of the harsh weather conditions and disease challenges in Ghana and the Ivory Coast, which is home to 60% of the world’s production. In addition, The El Niño weather that Southeast Asian countries are experiencing and the drier temperatures have made it harder for the crops to thrive and create quality cocoa beans for chocolate. As a result, product manufacturers have raised product prices.
Chocolate during Valentine’s Day plays a vital role in gifting your significant other and showing your appreciation for them. Giving chocolate is more convenient as a gift because people tend to lean more towards what is accessible and cheap. This inflation has frustrated some but also opens up opportunities for everyone to get creative and put in more creative effort into Valentine’s Day instead of giving gifts. While there isn’t anything wrong with that, it is always nice to create something personal and unique to gift to your partner.