Since the pandemic, several companies in the service industry are trying to survive by reducing the quality of their services. Usually, a company will adjust prices to reflect the change in quality, but this isn’t always the case. Many people are experiencing harmful “skimpflation,” where businesses intentionally lower the quality of services while raising the price. With how serious this problem is, what can consumers do?
What Is Skimpflation?
Skimpflation refers to the phenomenon where companies intentionally reduce the quality or quantity of services they provide while raising the cost for consumers.
There are several industries where we’ve seen the effects of skimpflation, but some of the most alarming are:
- Food and grocery
- Household products
- Clothing and apparel
- Entertainment
- Technology
- Hotels and airlines
What Consumers Can Do About Skimpflation
If there’s one thing everyone knows about business, it’s that customer loyalty can make or break a company. Consumers don’t have to take these changes lying down; instead, they can voice their problems with skimpflation by taking several actions.
Spend Less with the Company
One of the easiest ways to express your distaste for a company’s skimpflation is to spend less on their goods and services. We’ve seen several customers cancel subscriptions, cut unnecessary expenses, and go longer without buying. This action sends a clear message that as quality goes down and prices go up, you won’t be contributing the same amount of business.
Choose Brands with More Customer Value
There are very few brands with a monopoly on the market. If you’re unsatisfied with a brand practicing skimpflation, there’s likely one that isn’t. Consider the company’s competitors and compare their quality to the one you’re missing.
Speak Up Against Skimpflation
Several customers are voicing their distaste for skimpflation online. If you notice the quality of a company declining, don’t hesitate to speak out. You can engage with the brand on social media or leave a review detailing how the product has declined recently.
Boycotting Companies
Even with several customers voicing their opinions about skimpflation, it may not be enough to stop the practice. In these instances, customers have the ultimate power to boycott companies that intentionally lower the quality of their goods while increasing price. If done by enough consumers, boycotting will discourage this behavior and improve products for everyone.
Manage Your Finances with Gravity Lending
Skimpflation is just one of the financial struggles people are dealing with today. Gravity Lending can help you refinance your car, protect your assets, or monitor your credit score.
Contact us today and see how we can help you lower your monthly bills.