Galaxy bars become latest chocolate series to be hit by consumer ‘shrinkflation’ costs
Consumers have reacted with concern at the latest round of ‘shrinkflation’ to hit the confectionery market, with Galaxy bars being reduced in size, despite an upturn in prices, amid ongoing inflation pressures that have prompted manufacturers into action, writes Neill Barston.
The Mars-owned series, which has an especially strong following in the Uk, put prices up in July to £1.25 per 110g bar – which has now been cut down to 100g, with no corresponding price reduction for its smaller-sized chocolate treat.
Its price hike comes in the wake of considerable British food price inflation running at 20%, the highest level of the past 40 years during this year, though this has since eased back somewhat to under 10%, though it is still far above the government’s own inflation targets of 2%, leading to an extended cost of living crisis.
As Confectionery Production reported recently, the British Retail Consortium has expressed considerable concern at the near £1 billion in thefts from stores within the UK this year, as consumers have felt the financial strain of conditions, with major stories including Cooperative, and John Lewis stating the significant extent of the problem – which has now extended into premium brands of confectionery being given additional security measures in a bid to steam rising tides of theft.
A spokesperson for Galaxy noted that its own decision to ramp-up prices had been a hard one to make: “We have been trying to actively find ways to absorb the rising cost of raw materials and operations, as we know the cost of living has impacted on both consumers and businesses across the UK.
Unfortunately, the growing pressures mean that more has to be done. Reducing the size of our products is not a decision we have taken lightly, but it is necessary for shoppers to still enjoy their favourite Galaxy treats without compromising on quality or taste.”