From AllNewsPipeline.com…
We have all seen and felt the rising costs of foods and other products over the past year-plus, and those prices continue to rise as more and more empty shelves are being documented from coast to coast by consumers, and we have discussed the business practice of “shrinkflation.”
A number of reports explain and show that shrinkflation, and listening to word of mouth and watching online chatter, along with seeing the visual proof of the practice is compelling, but when viewing those visuals together in one place, the insidious extent of this practice is quite shocking.
Quartz describes “shrinkflation” in the following manner:
Downsizing a product while keeping its price the same is sometimes called “shrinkflation”—a combination of the words shrink and inflation. Companies face higher prices for their supplies and may try to pass that onto the consumer. Downsizing a product reduces costs for manufacturers.
Shoppers tend to be price-sensitive but they may not notice subtle changes in packaging, or read the fine print on the size or weight of a product. The result is that consumers are less likely to notice getting less if the price is the same.
