skimpflation
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English
[edit]Etymology
[edit]Noun
[edit]skimpflation (uncountable)
- (economics, informal, neologism) The practice of reducing the quality of products while continuing to market them at the same price.
- Synonym: quality fade
- 2021 October 26, Greg Rosalsky, “Meet skimpflation: A reason inflation is worse than the government says it is”, in Planet Money[1]:
- We propose a new word to describe this stealth-ninja kind of inflation: skimpflation. It's when, instead of simply raising prices, companies skimp on the goods and services they provide.
- 2022 March 17, Sally French, “One of the most basic hotel amenities is disappearing”, in Honolulu Star-Advertiser:
- Some economists have pegged a new word to this phenomenon where, rather than raise prices, companies cut services previously provided: skimpflation. Skimpflation could mean reduced staff, thus longer lines or phone hold times.
- 2022 April 30, “Netflix et al.: the great cancellation”, in The Week, Bath, page 41:
- Companies face an appalling dilemma, said Laith Al-Khalaf in The Sunday Times – pass on increased costs to consumers “and risk losing them to rivals”, or “absorb the hit”. No wonder many are opting for a third path: “skimpflation”. The trick is to erode “the quality of their goods” – say, by “menu engineering” to focus on cheaper foods – in the hope that “hoodwinked” consumers either don't notice or don't care.
- 2022 September 2, Nicholas Dawson, quoting David Beard, “Blow for Sainsbury's Bank customers with huge Nectar points change - 'really unfair!'”, in Express[2]:
- Sadly it's a sign of the times, and consumers will have to get used to this practice of skimpflation, where brands reduce the value of their services to remain profitable.
- [2022 November 2, Leslie Gaydos, quoting Edgar Dworsky, “Skimpflation: Brands May Be Changing Their Recipes to Cut Costs – But It's Hard to Tell”, in NBC Boston[3]:
- "This is now called Skimpflation, which means a manufacturer has reformulated one of its products, usually with cheaper ingredients," says Dworsky, a former Massachusetts Assistant Attorney General in consumer protection.]
- 2022 November 9, “How Skimpflation May Be Affecting Your Diet”, in Henry Ford Health[4]:
- How To Be A Savvy Shopper Amidst Skimpflation […] And while it might require a little more time and energy in the aisles, there are ways to prevent your diet from suffering amidst inflation.