Christine Haughney, “When Economy Sours, Tootsie Rolls Soothe Souls,” The New York Times, March 24, 2009

The recession seems to have a sweet tooth, according to this New York Times reporter who discovered that many big candy makers are enjoying rising sales and surprising profits despite a sour economy. Haughney reports that that Cadbury had a 30 percent rise in profits for 2008, Nestlé’s profits grew by 10.9 percent and Hershey, which struggled for much of last year, saw profits jump by 8.5 percent in the fourth quarter. Lindt & Sprüngli, which offers more expensive products, also reportedly expects chocolate sales to remain strong through mainstream retailers like Wal-Mart and Target, even though it plans to close some of its luxury retail stores this year.

Theories vary as to exactly why candy sales are sweet, Haughney writes, but include the notion that candy is relatively inexpensive and “seems to conjure memories of times before bank collapses and government bailouts.” She writes that store owners and manufacturers find that the hottest-selling candies these days are the cheaper, old-fashioned ones.

Haughney quotes Peter Liebhold, chairman of the Smithsonian Institution’s work and industry division, as saying. “Candy companies are relatively recession-proof. During the Great Depression, candy companies stayed in business.”