Seoul, South Korea – The Korea Consumer Agency has revealed that four major products have undergone a reduction in size while maintaining their original prices, a practice commonly known as "shrinkflation." The agency conducted an investigation into shrinkflation trends during the third quarter of this year and released the findings on December 27.
Shrinkflation is a deceptive marketing tactic where companies reduce the quantity or size of a product while keeping the price the same, effectively increasing the unit price. The term is a combination of "shrink" and "inflation."
Among the domestic products found to have undergone size reductions were Osung Food's "Jeju Abalone Seaweed Soup," sold under the Dongwon F&B brand, and Gojibsseonnyeon's "Handmade Oraneda" snack. These products saw a decrease in weight by 8.3% and 10%, respectively.
International brands were not exempt from this practice. Lush Korea was found to have reduced the size of two of its "Dirty Springwash Shower Gel Spearmint" products by 10.7%.
The Korea Consumer Agency has taken steps to inform consumers about these changes by publishing the details on its "Chamgageok" website. The agency has also advised manufacturers and retailers to disclose this information on their respective platforms.
Under the "Designation of Unfair Consumer Transaction Practices by Business Operators" regulations that came into effect in August, manufacturers who reduce the size or quantity of a product without notifying consumers are subject to fines.
[Copyright (c) Global Economic Times. All Rights Reserved.]
