According to a YouGov poll, almost half of consumers would rather pay more than see their favourite products shrink. Are you among them?
Since I started working for Which? almost two years ago, the word ‘shrinkflation’ has become part of my everyday vocabulary.
And it isn’t one that trips particularly easily off my tongue, particularly when I find myself applying it to some of my favourite products – most recently to Bird’s Eye fish fingers.
To me, it’s particularly distasteful when it’s not immediately obvious a product has shrunk from the packaging.
In fact, I’ve abandoned buying Toblerone in the UK because of how its manufacturers chose to shrinkflate the bar late last year.
Should I find it in its original guise abroad, I’ll probably stock up and proffer the ‘retro’ bars to friends and family.
While I appreciate that the cost of ingredients has gone up and manufacturers need to pass these on to the consumer, I can’t see why they can’t just keep the size the same but increase the price slightly.
If the price wasn’t put up by ridiculous amounts, I know I’d suck it up for my favourites.
And a recent YouGov poll proves I’m not alone in thinking like this.
When consumers were asked if they’d rather pay more than see their favourite products shrink, 46% said they would.
Another 17% stopped buying a product because the size went down and the price remained the same.
Conversely, 36% favoured the practice.
And although 38% said they still bought a product when they knew it had been reduced in size, almost one in five (19%) stopped buying when the price went up and the size went down.
So where do you sit on this? Would you, like me, prefer to pay more for your favourite products rather than see them subjected to shrinkflation? Or do you think the practice is preferable to rising prices?