Shrinkflation isn’t a new phenomenon. As a term, it gained significant traction in the late 2010s and early 2020s, particularly during periods of economic uncertainty and rising inflation. However, what’s different today is the attention shrinkflation as a tactic continues to gain.
As of August 2024, the hashtag #shrinkflation has garnered 86 million views on TikTok, as users take to their screens to expose the brands that use the tactic and share tips on getting the best value when shopping. This heightened consumer awareness is driving a shift towards more thoughtful and savvier shopping habits.
Read the full article on the Mintel website
NAM Implications:
- The standout factor has to be the ‘tell a friend’ result’
- i.e. “Please me, and I tell one friend, disappoint me, and I tell ten friends”.
- That was the old days:
- The advent of social media multiplies complainer’s reach…
- i.e. ‘As of August 2024, the hashtag #shrinkflation has garnered 86 million views on TikTok’.
- i.e. Brand owners be warned…
