Shrinkflation in Singapore | What Do You Think? - video Dailymotion

AsiaOne

Anyone else seeing their food portions and grocery items getting smaller? We find out if Singaporeans are noticing the trend of “shrinkflation,” and what they’re going to do about it.   Watch more: https://www.asiaone.com/video

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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?

Shrinkflation in Singapore | What Do You Think?

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