Consumers need to get the most out of spending, now more than ever. Especially when it comes to shopping for food. You probably have heard about inflation, food shortages, and other supply chain issues affecting our economy. This article will go over a new problem to be on the lookout for — shrinkflation. Keep on reading to learn more:
Same Price, Less Food
It’s possible you’ve never heard of shrinkflation before, but there’s a good chance you already experienced it. Shrinkflation is when a food’s serving size is reduced, but the price remains the same. Shoppers everywhere in the country have noticed smaller serving sizes for several everyday grocery items. This means you end up paying the same price for fewer chips in the bag, less peanut butter in a jar, and so forth.
Shrinkflation essentially increases the cost of food without announcing it to consumers. Food companies love to let you know about bigger serving sizes, but smaller serving sizes? Not so much. Companies will also change their packaging design to distract consumers from the fact that they raised prices too.
Look Closely
One of the best ways to get around shrinkflation is to keep an eye on the serving size and unit pricing. If a competitor to your favorite brand charges the same amount but has a larger serving size, you should go with the second option. Do a side-by-side comparison to see which gives you more bang for your buck. Avoid pre-packaged foods if you want to stop spending more on the same amount of food. It’s easy for companies to reduce their serving size for packaged food, but it’s tough to shrink the serving size for fresh produce.
Items like apples, oranges, and other foods priced by weight are good alternatives to packaged food. It’s also a healthier option, so now is as good a time as any to start better eating habits while saving money.
Stay Informed
Ask around in your community or online to find out more about shrinkflation, there are tons of places you can go. Grocery Geniuses has an updated consumer trends section that is worth checking out.
