Year: 2024
Type: article
Abstract: A phenomenon known as "shrinkflation" describes situations in which businesses reduce the quantity or quality of their offerings without concurrently lowering their prices. Consumers may experience cognitive dissonance as a result of this, leading to dissatisfaction when they buy a product that does not live up to their expectations and is, for example, of a lesser quality or smaller size. According to the findings of our study on the prevalence of the phrase "shrinkflation" throughout the world, it appears that consumers are becoming more aware of this phenomena, particularly in the wake of the conflict between Russia and Ukraine. This heightened knowledge brings to light the significance of openness and straightforward communication in the consumer market. Building trust with customers and retaining their loyalty over the long run is likely to be easier for businesses that are forthcoming about any modifications they make to their offerings and communicate these alterations clearly.
Authors: James Greaves, Samantha Springfield
Language: English
Subfield: Marketing
Domain: Social Sciences
Open Access status: hybrid
OpenAlex ID: W4402936197