Consumer’s Price Sensitivity and Shrinkflation Strategy as A Trailblazer of Chocolate Market

Abstract

The chocolate industry is a multifaceted and constantly evolving landscape in which price sensitivity and shrinkflation are paramount in determining sales and profitability. This article sheds light on how changes are marked and prices are adjusted to cater to the discerning tastes of modern-day consumers. Examining new pricing strategies, product innovation, and branding gives an in-depth analysis of recent trends shaping this exciting industry. Therefore chocolate manufacturers need to consider the impact of marking changes on the market and consumer behaviour. The sample size of the study is 100, out of which 4 questionnaires are incomplete.  Hence, the sample size of the study is 96, and the sample units are the consumers of chocolates in Kerala. the sample is large and widespread, a purposive sampling method is adopted. In this study, ANOVA, Multiple comparisons, and Chi–square tests are applied and tested. Shrinkflation marketing is one of the untouched areas by the researchers. It is vital to understand the way consumers behave on price sensitivity and do they accept package downsizing. This research aims to uncover how packaging and portion size alterations impact consumer behavior and preferences, to provide a deeper understanding of consumer psychology, which can have a big impact on how consumers perceive value. The effect of marking modifications on the market and customer behaviour must therefore be taken into account by chocolate manufacturers.