Are you trying to stretch your dollars?
If you shop regularly for groceries, you’ve noticed a mysterious thing happening on the shelves of your stores: Shrinkflation, or product downsizing. It happens when products are sold for the same price but in a smaller package or quantity. As inflation rises, so does shrinkflation. It’s a hidden form of inflation that’s popular in the food and beverage industry. It’s not illegal as long as products are clearly labeled, but it is a little bit sneaky! Higher production costs and intense market competition are the major factors. It’s happened with cereal boxes, energy bars, chips and paper towels. If you’ve got babies perhaps you’ve noticed that there are fewer diapers in the boxes that you buy. So, pay close attention when you’re shopping.
Study the quantity, weight and unit pricing of items you desire to purchase. If your product has downsized then check out competitors. Store brands may offer better deals. I recently wrote to a company about one of its products. A package of chips was only 1/3rd full. It appeared that I was paying more for air than the product. They sent me a coupon. Companies are feeling the effects of inflation too. Product downsizing is their attempt to avoid losing customers. It enables them to cover costs while not raising prices. So, stretch those dollars and watch out for shrinkflation
And if you’re struggling to make ends meet due to credit card debt, I recommend Christian Credit Counselors. They’ll create a debt management plan just for you. For more information call the Crown Helpline: 800-722-1976 or visit online at crown.org/ccc.