Consumers Are Hit By Shrinkflation
Part 1 – Key Vocabulary
- Consumer means people in society who buy goods and services.
- Inflation is an economic term which means prices for goods and services increase and the purchasing power of consumers decreases.
- The supply chain is the activities done by an organization to deliver goods or services to the consumer.
- A kiosk is a small stand or structure in a public area which contains an interactive display screen or screens.
- Cut back means to reduce the amount of something.
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Part 2 – Read the Story
Consumers Are Hit By Shrinkflation*You can listen to the article above, at both a slow speed and fast speed
Not only do consumers have to deal with inflation, but now thanks to “shrinkflation,” you’ll be getting even less for what you pay for. Shrinkflation is when companies reduce the size or quantity of what they sell in order to keep the prices the same. The companies are looking to avoid raising prices because that can scare off consumers. So, to remain competitive they care giving consumers less product for the same price…or more.
While consumers are quick to notice the differences in prices, they don’t often pay attention to the quantity of what is in the package. From laundry detergent to toilet paper, toothpaste to chocolate bars, many of the products that we use every day are shrinking. Some of the companies blamed the supply-chain issue, and others are blaming economic factors such as the rising cost of materials, higher fuel prices, and increases in transportation costs.
Retail stores like grocery shops and the service industry, including as hotels, are also cutting back. Not only are there self-checkouts at the local drug store, but instead of check-in agents at the front desk, many hotel guests are greeted by kiosks where they can check in using the touch screen and get their room key from the machine. These days at hotel chains such as Marriott and Hilton, daily housekeeping services are optional, and it probably won’t be long before you’ll need to bring your own shampoo when you travel.
Original Article: Various
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