00:00Yeah, actually portions are getting a little bit smaller nowadays.
00:02I'm getting hungrier, then I end up buying two.
00:04I just have to deal with it because I have no other choice.
00:07If I was a business owner, I would also do the same thing.
00:09Just deal with it. Life work.
00:11I feel like it's a scam.
00:13Do you find that you're paying the same price for your groceries and meals,
00:17yet the portions have gotten smaller?
00:19This is thanks to a phenomenon known as shrinkflation.
00:23While inflation results in consumers paying more for the same amount of product,
00:27shrinkflation sees consumers paying the same amount, or even more,
00:30for a smaller amount of product.
00:33Based on an Ipsos poll conducted between October and November 2023,
00:3737% of Singaporeans found it unacceptable for businesses and retailers
00:42to reduce the size of their product while keeping prices the same
00:45as a way of responding to rising costs.
00:48We wanted to find out if Singaporeans found shrinkflation
00:50as an acceptable means for companies to respond to rising costs.
00:54Asia One recently did a survey in May this year
00:57on our audience's attitudes towards the cost of living.
01:00The survey received 1,699 valid responses.
01:0488% of respondents stated that they paid at least about 5% more
01:08for their usual dining options compared to a year ago,
01:11while 81% of them indicated that the food portion received has shrunk at least slightly.
01:17When considered together, 75% of respondents reported that in the past year,
01:22their usual dining options cost them more on average compared to a year ago,
01:26but the portion of food on average has shrunk.
01:29When asked about their experience regarding the purchase of their usual daily essentials,
01:3492% of respondents indicated that they paid at least 5% more than a year ago,
01:39while 69% said that the weight or content of those items has shrunk at least slightly.
01:44Two-thirds of respondents stated that the daily essentials that they bought
01:48cost more on average and have shrunk compared to a year ago.
01:51To expand on our findings,
01:53we headed out to find out what Singaporeans thought of shrinkflation
01:56and how they are coping with it.
01:57Yes, I do. It's basically, at the same price,
02:00they reduce the portions to reduce their cost of production.
02:04Yes.
02:04Yeah.
02:05I don't really know what shrinkflation is,
02:06but if I had to guess, it would be increasing the price of the good
02:11and decreasing the portion or I guess maybe the quality of the good.
02:16My food and everything I buy actually.
02:18Yeah, actually portions are getting a little bit smaller nowadays.
02:20I'm getting hungrier, then I end up buying two.
02:22Yeah, when I go out and buy food.
02:24Yeah, time to time.
02:26Yeah, I do.
02:26I feel like nowadays the portion of food that I've been getting right,
02:32it's like, it's getting lesser,
02:34but then the amount, the pricing they are selling is getting more expensive.
02:39Yes, in school for example, like a bottled drink,
02:42it used to be 500 ml, now it's 320 ml,
02:46but they only reduce the price by 10 cents.
02:48I just have to deal with it because I have no other choice.
02:51Personally, I feel that for typical hawker food,
02:55for the chicken rice, $2 to $3,
02:57it's not a very significant increase in price,
02:59so I'll just continue buying the same good.
03:02Just deal with it, life work.
03:04For me, I just look out for discounts,
03:06then if you've got discounts, maybe I stock up a bit more.
03:08Depends on ethical premise, I think.
03:10If you argue that businesses need to survive to provide value for the economy,
03:15then I think that it's reasonable
03:17because they need to survive.
03:18If they die, they can't even provide you food at all.
03:21But if they're doing it as a means to take advantage of people,
03:25intentionally taking advantage of this trend,
03:27so it's more acceptable,
03:29then I think it's a bit more questionable.
03:30I feel like it's a scam, I guess so.
03:33Because if I was a business owner, I would also do the same thing,
03:36you know, I need to make money also.
03:39I think that's the norm now,
03:41but personally, I feel that consumers should be getting what they deserve,
03:46like they pay this amount, you shouldn't shrink the portion.
03:50I think it's acceptable as long as the quality of the good
03:53is proportional to the price that is set.
03:55I'd rather pay the same amount for less product.
03:59I think I'll pay more.
04:00Pay more for the same amount of product,
04:02because I want what I want, right?
04:04I think I'll prefer inflation
04:06because I think it's a more honest depiction of what I'm purchasing.
04:09I will take the shrink inflation.
04:11Yeah, pay the same amount but a little bit smaller portion.
04:15Because if you want to increase the amount,
04:18they may increase by exorbitant amount,
04:20then it becomes quite unfair.
04:23I also prefer inflation because if they only change the prices,
04:26then I can gauge with other stalls,
04:30maybe how much more they're increasing so I don't get ripped off.
04:33Of the people we interviewed,
04:35all of them stated that they've noticed shrinking portion sizes for food
04:38while having to pay more.
04:40Respondents said that they either just deal with it
04:42or look for cheaper alternatives
04:44and stock up when goods go on sale.
04:46Businesses adopting shrink inflation to combat rising production costs
04:50was generally still acceptable to respondents
04:52who empathised that they too have to make a living
04:55as long as prices were still relatively fair to consumers.
04:58When asked whether they prefer being charged more for products
05:01or receiving smaller portions for the same price,
05:04the majority of respondents stated that
05:06they preferred paying more to get the portion they expect.
05:09So, what do you think?
Comments