Shrinking, Not Of A Therapeutic Kind

While holidays may inspire individuals to splurge in some areas, across numerous sectors of the U.S. economy, consumers are changing their spending habits and requirements by decreasing the quantity they consume and the time they devote to consumption. As a result, the amount of detergent and soap people use, the size of their homes and apartments, the girth of their bodies and how much young adults spend are among the many things that are shrinking. Meanwhile, companies and governments are attempting to navigate this large structural shift. Some companies have resurrected “shrinkflation,” or offering less product in the same package size for the same price. They are also innovating to promote the efficient use of resources, facilitating collaborations with those who have ample supplies and adjusting policies.