Coping with Shrinkflation: A Comprehensive Analysis of Socio-Economic Factors Shaping Consumer Awareness in the National Capital Region

Abstract

Purpose: The present study aims to explore consumer awareness on Shrinkflation in Education, Marital status, Income, and Employment status across Socio-Economic factors in online and offline shopping also assess familiarity with the Consumer Protection Act, 1986.

Design/Methodology/Approach: A quantitative study employed a self-structured questionnaire within the NCR, utilizing Convenient Random Sampling. For statistical data analysis with a sample size of 1368 responses, Chi-Square and Spearman’s correlation coefficient were used.

Findings: Initially, consumer age exhibited no notable impact on product awareness, but the Consumer Protection Act awareness rejected this. Gender played a role, with females surpassing males in awareness levels. Education significantly influenced awareness. Marital status of consumer had no impact except for unmarried females having higher product awareness. Employment status varied in influencing awareness levels. it was observed that young, educated consumers and those have less annual income are more aware and have concern towards change in the quantity of the product with no change in price of the product. This study emphasizes the intricate relationship between socio-economic factors and consumer awareness, urging consideration of diverse variables.

Originality/Value: The study urged marketers and public policymakers in India to pay more attention to the customers opinions and perspectives producers justified Shrinkflation due to rising costs. Consumer awareness prevents brand loyalty, prompting companies to maintain prices despite product downsizing.

Paper Type: Empirical Research Paper