I think this is a more appropriate way of looking at things. If you want to keep valuable employees happy, it helps to show them that they're appreciated. That might mean giving them free candy and soda, but there are many other options. It might mean that you let them leave a little early or have an extra day off. It might mean that you give them a more flexible schedule or let them work from home. It might mean that you give them more interesting and more challenging projects. It might mean that you make a point to say "Thank you. Job well done."
The ways of showing people that they're important and appreciated are varied, and part of how you show someone that you appreciate them is by bothering to figure out what makes them feel appreciated.
Soda and candy? That wouldn't make me feel appreciated, and I wouldn't worry about a company that cut those. I'd be more concerned about a company that treats its employees badly but hopes to buy them off with soda and candy.