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From consumers to the President, it seems everyone's aware of shrinkflation.
Now, upflation is the new strategy used by companies looking to increase profits on everyday products.
Corporations like Procter & Gamble are finding creative ways to market new shampoo and deodorant items, often charging twice the original price, according to reporting by Bloomberg.
For example, P&G's all-over body deodorant costs $14, double the price of standard deodorant. P&G's Head & Shoulders Bare — an anti-dandruff shampoo with fewer ingredients — costs $12, roughly double the standard Head & Shoulders. And Gillette is marketing products like a "tricky areas" razor that costs $5 more than the standard Venus razor.
As companies reckon with declining sales in the $100 billion personal care and beauty industry, new marketing strategies — like emphasizing unique product uses — create new revenue opportunities.
But as companies roll out these newfangled and more expensive products to try to cultivate sales, it can feel like another instance of unappealingly high prices — similar to lingering grocery prices or the cost of eating out.
Yet, how are care product prices really affecting consumers? Business Insider analyzed price data from the Bureau of Labor Statistics since 2020 to determine how expensive shampoo, deodorant, and other items have become on average.
While inflation has risen about 22% since January 2020, the prices of deodorant, hair products, face wash, and other care products have trailed behind, rising between 6% and 18% across the same period.
Relative to overall price increases, products in the care aisle might not be as expensive as they feel.
That's not to say customers should feel completely relieved.
According to the Bureau of Labor Statistics, the price of hair, dental, shaving, and other care products, which are considered their own category, rose 2.3% year-over-year in May.
Still, those prices are behind the general trend. Overall inflation increased 3.3% year-over-year in May.
Nonetheless, it can feel hard to get a good deal right now. In May, consumers acknowledged inflation had cooled since 2022, but many still felt burdened by high prices, according to the University of Michigan Survey of Consumers.
While new, expensive razors and shampoos can be easy to pass on, the price of groceries and other goods might trouble shoppers.
In some industries, businesses are catching onto consumers' concerns. Food chains like Taco Bell, McDonald's, and Wendy's are competing to offer the best value meals. What's more, Starbucks launched $5 and $6 breakfast combos in June.
For shoppers in the shampoo or razor aisle, it's ultimately up to preference.
P&G sees new shampoo and deodorant as products people interested in innovation will pay for, according to Bloomberg.
For consumers looking to keep it simple: they'll be able to find care products at a more relaxed price.
Do you have shopping hacks to save money on personal care products? Or have you cut certain items out of your routine because of costs? This reporter wants to hear from you. Please reach out at jtowfighi@businessinsider.com.
