Consumers are battling back against efforts to get them to pay the same — or even more — for less.
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It is irritating to see the cost of your favorite products rise. But it might be more irksome — and in some ways, insulting — to watch grocers try to sell you a smaller version of the same product at the old price.
For many months, some manufacturers have been quietly shrinking the size of their products while grocery stores continue to charge consumers the same prices they previously charged for larger versions of the same item. This pricing technique is known as “shrinkflation,” and it has rapidly spread as inflation has ignited throughout the economy.
About two-thirds of shoppers — 64% — are worried about the trend of shrinkflation, according to a recent Morning Consult survey. Now, some fed-up shoppers are fighting back.
Following are ways that consumers are battling against efforts to get them to pay the same — or even more — for less.
Share of respondents who took this action when they noticed shrinkflation: 30%
Brand loyalty goes out the window when prices soar through the roof.
Nearly one-third of shoppers who see an example of shrinkflation express their displeasure by refusing to buy from that brand in the future.
Share of respondents who took this action when they noticed shrinkflation: 33%
Buying in bulk can often save you a bundle in terms of the per-unit cost of a grocery item. That’s why Costco is so beloved.
When prices rise, frugal shoppers look for great bulk deals and stock up.
Sick of rising prices? Check out “10 Sure-Fire Ways to Beat Inflation.”
Share of respondents who took this action when they noticed shrinkflation: 48%
How much of a premium are you willing to pay for a fancy package? In many cases, that is all you get for the extra price you pay when buying a brand-name version of something you could purchase in generic form at a better price.
Nearly half of shoppers have figured this out and will turn away from a brand name that is shrinking in favor of a generic alternative.
For more ways to save, check out “32 Products You Should Always Buy Generic.”
Share of respondents who took this action when they noticed shrinkflation: 49%
It’s capitalism 101: Your favorite brand raises prices, so you look for — and usually find — a better deal.
Half of the consumers who notice shrinkflation are only too happy to try a new brand. The brand that shrinks its product size risks decreasing its market share as well.
For more tips on avoiding shrinkflation, check out “6 Ways to Fight the Growing Trend of Shrinkflation.”
Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.
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