Data from a new study indicates that nearly three quarters of consumers (73%) are concerned about shrinkflation, with 41% who are “very concerned” and 32% who are “fairly concerned.”
According to the poll, from research data and analytics group YouGov, which polled 1,187 U.S. adults at the end of February, these are the categories where consumers have noticed shrinkflation the most over the past six months:
- Snack foods like chips and sweets (52%) top the list of product categories where consumers are noticing this trend, followed by dry goods like cereals, flours and pasta (46%), paper goods (35%) and cleaning products (34%)
- A quarter of consumers are also noticing shrinkflation in the case of bread and bakery products (25%), beauty and personal care products (25%) and ready-to-cook products like instant noodles and soups (23%)
- One in five consumers are seeing shrinkflation in fresh produce (21%) and pet foods (20%)
So, do shoppers plan to change their spending habits over the next three months as a result?
- Nearly half of all respondents said they are likely to purchase generic products over their name- brand versions (46%) or switch to a different brand (45%)
- Consumers aged 55 and above are significantly more likely to stop purchasing some products altogether (48%) as compared to their 18-34-year-old counterparts
- On the other hand, while nearly two-fifths of 18-34-year-olds (39%) indicate that they are likely to purchase products in bulk sizes instead of smaller packages, this proportion falls to less than a third amongst consumers above the age of 55 (27%)
- More than a third of the respondents (33%) plan to wait or hold off on purchasing some products while 29% are likely to buy whole and/or fresh foods instead of pre-packaged products
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