New Word: Skimpflation

January 13, 2022

About New Word: Skimpflation

The other day my friend asked me, “Is mediocrity the new customer experience?” He mentioned how he’s had to wait longer when he called customer support and that there weren’t enough cashiers at the grocery store. 

I said, “You are a victim of skimpflation.” 

The word skimpflation was introduced recently on NPR’s Planet Money podcast. I’ve already written several articles about this ugly word, and I thought it was time to introduce it here. Skimpflation is a result of rising business costs and the labor shortage caused by what we’ve been calling The Great Resignation, in which employees have chosen to quit their jobs in search of something better. The result is that companies are forced to “skimp” on the quality and service customers have come to expect. It’s not that they want to do it. They have no choice.

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Shep Hyken

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