As prices continue to rise, more and more people are finding themselves with shrinking budgets. This has led to a phenomenon known as Shrinkflation, where products decrease in size, volume or quantity but the price remains the same.
In light of this, Diversitech Global has instead taken the “shrink” from Shrinkflation and turned it into a positive in the DIY hand tool industry. Their recent array of compact-sized DIY tool set kits are designed to be small, portable (even pocketable), and practical yet still retain high quality and offer value for money to budget-conscious consumers.
Shrinkflation is prevalent in the food industry, with examples of well-known household brand names quietly shrinking family-size chocolate bars by 10% or reducing the size of tube packaging for potato crisp snacks by 17%.
In some cases, product formulations are also being changed to include less of the key ingredient. This might mean using cheaper and lower-quality ingredients or even removing extras and accessories that consumers had come to expect as standard.
Shrinkflation might seem like a clever way for companies to combat inflation while still maintaining their profit margins. However, consumers that regularly buy the same products are noticing that they are getting less bang for their buck together with the feeling of creeping price gouging by retailers and manufacturers.
To thwart the ever-increasing trend of Shrinkflation, unhappy consumers are making a stand by taking stock of the products regularly bought and noticing any sneaky changes in size, quantity or specifications.
Consumers are opting for alternative brands that offer better value for money and are transparent in what they offer, as nobody likes getting less than they’ve bargained for or being short-changed by brands they may have previously been loyal to.
Diversitech Global’s compact-sized DIY hand tool sets kits are perfect for consumers looking for an affordable option that performs just as well as their larger-sized formats yet does not sacrifice function or quality standards.
Carefully selecting and integrating standard and small-size versions of DIY hand tools, including accessories, together with clever placement in blow-mould casings has led to overall reduced item package sizes comparable to a paperback book.
Containing popular tools such as wrenches, screwdrivers and pliers, retailers and suppliers are able to offer their customers a multi-variety of attractive sets suited for a whole range of DIY applications, craft work, hobbies and projects.
Additionally, for retailers and suppliers, the compact design of these sets offers supply chain benefits, saving money on shipping costs, inventory and warehouse capacity, and making the best use of limited shelf and display space.
With prices for everyday items continuing to rise, consumers are looking for ways to save money, often choosing the DIY option, and this includes opting for smaller, more affordable toolsets.
Diversitech Global’s compact tool sets are not only easy to store and durable but also of high-quality and great practical value for the cost-conscious DIY consumer.
About Diversitech Global:
Diversitech Global is a global supplier of private-label tools. Having completed work for top retailers, including Fortune 500 companies, products will be designed by experts who understand what it takes to get a successful brand out into the market. Taking an idea all the way from production to final packaging, including branding or even helping with marketing materials.
They are dedicated to world-class supply chain management with their partnered sources and suppliers and have a network of joint-venture factories that manufacture with the newest equipment for assembly operations.
