As consumers become increasingly vigilant, a significant shift in shopping habits is emerging due to shrinkflation.
- Recent research highlights that 73% of shoppers are now more aware of shrinkflation, particularly in products like chocolate and biscuits.
- A noticeable trend is the move towards brands that have maintained product sizes, with 21% of shoppers making the switch.
- The geopolitical climate, notably the conflict in Ukraine, has significantly influenced commodity prices, exacerbating shrinkflation.
- Consumers are adapting by buying in bulk and shopping at multiple stores as they contend with persistent food price inflation.
Recent research indicates that a majority of consumers are noticing the effects of shrinkflation, particularly in everyday items such as chocolate, crisps, and biscuits. A reported 73% of shoppers express growing awareness of this phenomenon. The practice of reducing product size while maintaining or increasing prices is becoming a pivotal factor in purchasing decisions.
Shrinkflation has led to a discernible shift in consumer preferences. Approximately 21% are gravitating towards brands that have refrained from downsizing their products. This trend showcases a consumer base that is increasingly savvy and responsive to value adjustments in the market.
The ongoing conflict in Ukraine has been cited as a major contributor to rising costs in commodity crops like wheat and vegetable oils, which are integral to many popular food products. This geopolitical event has had ripple effects on the production costs, fuelling trends like shrinkflation.
In an effort to offset rising costs, consumers are adopting strategies such as buying items in bulk. Reports show that over a third of shoppers have embraced this approach. Additionally, with 41% frequenting multiple stores to find better deals, there is an evident shift towards strategic shopping.
Despite a drop in supermarket spending from 9.8% in June to 5.2% in July, the concern about rising food prices remains omnipresent, affecting 91% of shoppers. This ongoing anxiety reflects a broader unease regarding economic stability and purchasing power.
As shrinkflation continues to shape consumer behaviour, its impact on shopping patterns and spending is profound.
