In the News
Skimpflation - is the quality of service dropping as prices rise?
7th November 2021
I like being introduced to new concepts - in this case, 'skimpflation'where service sector suppliers are less concerned with standards of service.
The example given is the airline industry, with last weekend seeing a large number of flights cancelled or delayed across the US, and airlines seemingly prepared to accept this as a result of labour shortages and supply chain problems.
Thus, going forward, will skimpflation be to services what shrinkflation is to manufacturing?
Hey @HiltonHotels, why are we still paying full price for considerably less service? This smells like skimpflation to me. pic.twitter.com/jkBh88U1aP
— Chris Brown (@Jaster3829) November 4, 2021
skimpflation
— NPR (@NPR) November 2, 2021
noun
/skimpˈflāSH(ə)n/
worsening the quality of goods or services while keeping the price constant, such as a hotel offering a more meager breakfast. https://t.co/li1YQANjN1
Graham Watson
Graham Watson has taught Economics for over twenty years. He contributes to tutor2u, reads voraciously and is interested in all aspects of Teaching and Learning.
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