Shrinkflation Becoming Increasingly Apparent to Consumers
Shrinkflation, according to the Cambridge Dictionary, is a term used to define products that have seen a size reduction, yet the price remains the same.
Source: Freepik
In other words, American consumers are getting less bang for their buck across a wide variety of products.
Joe Biden Unhappy with Shrinkflation
While no doubt we’ve all experienced this with one or more of our favorite snacks, the frowned-upon practice has now caught the attention of the U.S. president.
Source: Wikimedia
During a video released just before the Super Bowl, Biden took aim at snack companies that have been engaging in the practice of shrinkflation.
Snacks Become Smaller and Smaller
During the video, President Biden refers to the shrinkflation associated with several snacks typically enjoyed during the Super Bowl.
Source: Freepik
“Sports drinks are smaller. A bag of chips has fewer chips. Yet, they’re still charging you just as much,” he said.
Biden Has Had Enough of Shrinkflation
As the video continued, Biden went on to vent his frustration with companies participating in shrinkflation.
Source: Wikimedia
“I’ve had enough of call shrinkflation. It’s a rip-off,” said the president.
Companies Trying to Get One Over on the Consumers
According to Biden, snack companies are “trying to pull a fast one by shrinking the products.”
Source: Freepik
“The American people are tired of being played for suckers,” said the president.
Biden Calls On Snack Companies to Do the Right Thing
Biden finished the video by calling for the snack companies to take accountability for their role in shrinkflation and eliminate the practice altogether.
Source: TheWhiteHouse/YouTube
“I’m calling on companies to put an end to this. Let’s make sure businesses do the right thing now,” said Biden in his closing remarks.
Pennsylvania Senator Spoke Out Against Shrinkflation
Biden isn’t the only politician to call out the companies that have been engaged in shrinkflation.
Source: Wikimedia
Back in December, Pennsylvania Senator Bob Casey also referred to the practice in a statement.
Corporate Greed at the Highest Level
During the statement, Casey argued that shrinkflation is a significant reason behind the high grocery bills experienced by citizens nationwide.
Source: Freepik
“This corporate greed is one of the reasons that Americans are frustrated by expensive grocery bills,” said the senator.
Household Paper Products Hit Worst by Shrinkflation
According to a report published by Casey, using data sourced from the U.S. Bureau of Labor Statistics, household paper products have experienced the greatest price increase due to shrinkflation.
Source: Freepik
The senator’s findings claim that paper products have seen an increase of over 10% in price due to shrinkflation.
Products Hit Hardest by Shrinkflation
Snacks come in not far behind paper products, experiencing a 9.8% increase in price due to shrinkflation.
Source: Freepik
Other notable products include household cleaning supplies, averaging a 7.3% increase. Coffee came in at 7.2%, and candy has experienced a 7% spike in price due to shrinkflation.
Shrinkflation Isn’t a New Topic
Making products smaller yet keeping them at the same price is not a new practice and has been around since the 1950s. However, many would argue that it has become worse in recent years.
Source: Freepik
It’s uncertain whether or not Joe Biden’s strong words will have an effect on U.S. companies’ decisions going forward. However, Americans will be happy that high-ranking politicians are at least making reference to the unfair practice of shrinkflation.