Definition, Meaning & Synonyms
skimpflation
Noun
/ˌskɪmpˈfleɪʃən/
Definition
A situation where the quality of goods and services is reduced while prices remain the same or even increase.
Examples
- Many consumers are frustrated by skimpflation, noticing that their favorite snacks contain less product than before.
- Restaurants are experiencing skimpflation, serving smaller portions while maintaining prices.
- With skimpflation on the rise, shoppers are becoming more discerning about brands they trust.
Meaning
The term describes a phenomenon where companies cut corners or reduce the quality of their offerings, often in response to rising costs, while keeping prices unchanged.
Synonyms
- Quality reduction
- Under-delivery
- Subpar service
