NORFOLK, Va. — If you go to Merriam-Webster and type in "skimpflation,” you see that it is not in the dictionary, but we're still talking about it.
Why? And what it is?
Financial experts say “skimpflation” is when a consumer is charged the same price but given less of a product or a lower quality of service. That reality does not feel great as we start our holiday shopping.
“I understand it from an economic perspective on behalf of the brands, but then the consumer is kind of left holding the bag,” says Smart Shopper Trae Bodge.
And the burden of that bag is heavy.
Bodge told me that skimpflation occurs when companies lower the quality of their product or swap out prime ingredients for something cheaper.
She says if you're suspicious of that or thinking about changing brands, “the first thing that I would recommend is to compare ingredients to ingredients. Often, you will find that they are apples to apples, and they are the same, but sometimes in the generic [brands], you might find extra fillers.”
When it comes to buying stuff that’s not food, Bodge says she is seeing more products locked behind cases.
“It’s because of this theft that we're seeing. You might need to wait around and find someone to help you unlock the case to get to your products,” she says.
While that may be out of your control, there are some things you can do to become a “smarter shopper.”
- Compare prices before you go to the store
- Ask businesses if they'll match another price online
- Check product size and reviews
- Sign up for rewards programs
- Download consumer-friendly apps
"During the holiday shopping season, it can be very dizzying,” Bodge says. “I really urge consumers to get organized by actually making a list with some gift ideas and a budget for each person, including yourself.”
Bodge recommends the Flashfood app because it works with stores to find items that are in surplus or about to be rotated off the shelf. Consumers can buy them for a discount.
Some businesses may try to avoid skimpflation by being strategic in their inventory, meaning they may not carry as many items.
