Skimp inflation is on the rise: Half of shoppers say the quality of their favorite items has gone down despite costing the same or more, survey finds
- 52% of Brits said they noticed ‘skimp inflation’ among their favorite products
By Daily Mail reporter
Update: 7:29 p.m. EDT, September 4, 2023
More than half of shoppers noticed the quality of some supermarket products had dropped despite costing the same or more, according to a survey.
The latest scourge hitting consumers, 52 percent of Britons said they noticed “skimp inflation” among their favorite products, according to a monthly Barclays survey.
Of those who detected changes, 44 percent noticed a change in the quality of crispy products, 43 percent saw it in candy and chocolate, and 36 percent said their favorite cakes or cookies were lower than those before.
Just over a fifth of consumers (22%) believe the quality of takeaway food is decreasing, while 20% feel the same about dining out – in both cases without a corresponding drop in price.
Some 41 percent of consumers say they have noticed a skimp on products other than food and drink, 44 percent believing the quality of clothing is down and 37 percent believe the quality of toiletries and cosmetics has gone down. drop.
52 percent of Britons said they noticed ‘skimp inflation’ among their favorite products, according to a monthly Barclays survey (file image)
Declining product quality adds to ‘shrinkage’ which continues to be a concern for 84 percent of shoppers, with chocolate, crisps and cookies remaining the products most commonly identified as affected.
Ele Clark from which? said: “Quietly changing recipes to cut costs at a time when many people have far less to spend will not help restore waning confidence in the food business. »
She said: “It is important that manufacturers and supermarkets are upfront about changes to popular products – that way customers can make an informed choice. These trends come in a subdued month of August for spending, with annual growth of just 2.8 per cent – down from July’s 4 per cent, according to Barclays Consumer Spending Index, based on transaction figures.
However, the entertainment provided a welcome boost. Spending on movies increased 101 percent thanks to summer blockbusters Barbie and Oppenheimer.
Spending on international travel also held up, with airlines recording a 32.1 percent increase and drugstores, health and beauty products enjoying a 5.2 percent increase in pre-holiday shopping.
Of those who detected changes, 44 percent noticed a change in the quality of crunchy products, 43 percent saw it in candies and chocolate, and 36 percent said their favorite cakes or cookies were inferior. to those before (File Image)
Supermarkets and specialty food and beverage stores saw lower growth of 4.5 percent and 4.9 percent, respectively, due to slowing inflation. Almost a third of consumers (31 percent) expect next Christmas to be more expensive than last year, and 17 percent have already started saving.
Despite this, consumer confidence in their household finances and in their ability to live within their means rose slightly to 67 percent and 72 percent, respectively, from 65 percent and 70 percent in July.
Esme Harwood, director of Barclays, said: “Wet weather impacted high streets and hospitality venues in August, but Britons were still keen to spend on memorable summer experiences.
“The huge box office success of Barbie and Oppenheimer drove entertainment to another strong month, while overseas vacations boosted international travel and drugstore, health and beauty stores. »
She added: “Shrinkflation – and now skimpflation – are of growing concern among buyers looking for value. However, Britons’ confidence in their household finances is unshakable, suggesting that they remain resilient in the face of inflationary pressures.
Opinium surveyed 2,000 UK consumers between August 22-25.