The rising inflation has made living difficult for the average person, and the situation remains grim despite some signs of it dipping slightly before getting better. In the face of stagnant income, prices have increased by more than 10% in many areas, but most are felt in grocery stores. Companies are aware that buyers hate paying more for the products. To appease them, companies take recourse to Shrinkflation.
Shrinkflation – A Shady Concept
When you try to understand what is shrinkflation, you will discover that it’s a simple but shady concept. Companies are desperate to conceal the fact that their products cost more. To please customers by keeping the price of the products unchanged despite inflation, the companies are cunningly reducing the contents or weight of the packages. It means you get less for the same price without immediately realizing it. This aspect is most visible in any grocery store. The company’s intention to act smart with customers is evident in the unchanged packet size that creates an illusion and helps conceal the content reduction in the packages.
Only when you check the count and weight of the package do you discover that you are paying more for less. If you ignore what you are getting, you are happy to keep the bill the same while the stuff you bring home lasts less.
Spot the Difference
Since companies are unapologetic and unashamed to play some tricks with customers, you must be alert and agile to spot the shrinkflation. After all, you should know what you are getting for the money you pay. Check the labels of the products to identify the quantity/number and compare it with what you were getting earlier. Check the price too. As a reference, you can check your inventory at home, note the weights/number and price, and compare it with the products on the store’s shelves. By working out the cost per item, you can understand if you are paying more without having to pay anything extra.
Get some clues
When a company advertises some changes in products by declaring them as improved or new, it could be a tactic of informing customers about shrinkflation 2022 without specifying it. The approach distracts customers from what’s happening with the packages now presented in a new garb. Another clue you can gather about possible shrinkflation of products is when companies advertise some packages as ‘party size’ or ‘family size’. The packages might appear larger, but you must compare the weight, quantity, and price numbers to understand the changes and whether it’s another example of shrinkflation.
Avail Discounts
It’s time to avail of discounts and special offers in every possible manner to prevent the grocery bill from burning holes in your pocket. It will help compensate for the losses incurred as companies reduce the net contents of the packages as you can buy some more quantities without paying extra.
Only alert buyers can mitigate the financial hardships resulting from shrinkflation.
