Devendra Kumar
Galaxy, a beloved chocolate brand owned by Mars Inc, has taken the unusual step of reducing the size of its Smooth Milk bars, from 110g to 100g, while simultaneously increasing the price. This move is just the latest example of so-called “shrinkflation,” a phenomenon in which manufacturers reduce the size of their products to maintain profit margins while prices remain the same or even increase.
Despite the challenges posed by rising costs of raw materials and operations, Galaxy’s decision to shrink the size of its bars was not taken lightly. According to a Galaxy spokesman, the company has been actively seeking ways to absorb these increased costs and mitigate the impact on consumers. “We know the increase in the cost of living has impacted both consumers and businesses across the UK, and we want to ensure that shoppers can still enjoy their favorite Galaxy treats without compromising on quality or taste,” the spokesman stated.
Shrinkflation has become increasingly widespread in recent months, as manufacturers struggle to cope with soaring wholesale costs. Food inflation peaked at 19.1 percent in March, according to industry figures. A recent survey by consumer group Which? found that two thirds of respondents had noticed shrinkflation on everyday products, including Lurpak butter and Whiskas cat food. Perhaps unsurprisingly, chocolate was the item most commonly cited as being affected by shrinkflation, with examples including Penguin multipacks, which now contain seven biscuits instead of eight, and Quality Street tubs, which have been downsized from 650g to 600g.
The trend of shrinkflation is not limited to food products, and is likely to continue as long as manufacturers face pressure to maintain profit margins amidst rising costs. While some consumers may be able to adapt to the smaller package sizes, others may feel that they are being ripped off, particularly if the price remains the same or increases. As the UK’s cost of living continues to rise, it remains to be seen how consumers will react to these changes, and whether manufacturers will be forced to reassess their strategies for coping with inflation.