Key Takeaways:

• Shrinkflation Defined: Products reduce in size or quantity, but prices remain unchanged, leading to effectively higher costs per unit.
• Skimflation Insight: Some products may have reduced quality or fewer ingredients, offering less value for the same price.
• Consumer Response: Use unit pricing for more informed purchasing decisions and consider paring back on non-essential items.
• Financial Wisdom: Evaluate product necessity and embrace contentment as part of smart financial stewardship.
• Brand Loyalty’s Cost: Recognizing the potential financial impact of sticking to familiar brands without considering alternatives.

Notable Quotes:

• "I think we've got a little bit of nostalgia, but I do think packaging is generally a little bit smaller these days."

• "Inflation is not necessarily a bad thing. The cost of things go up, people's wages go up."

• "The company didn’t promise you that that block of family-sized chocolate was always going to be 250 grams." - Pete Burrows
• "It sounds like these really caring companies out there are trying to encourage me to do that." - Ben McEachen
• "Smaller isn't cheaper really. That's probably what we're going to get." - Pete Burrows

Got a question, comment or personal story to share? Send it through at hopepodcasts.com.au. Ben and Pete will get stuck into it on a future episode.

Pete Burrows is an accountant for small business and individuals with Lower Russell and Farr in Penrith, Western Sydney, Australia.

Ben McEachen hosts Hope Mornings on Hope 103.2FM in Sydney, Australia.

Support the show, a product of Hope Media: https://hope1032.com.au/donate/2211A-pod/

See omnystudio.com/listener for privacy information.