What is Skimpflation?
While inflation has been at the center of discussion and news headlines, a more subtle phenomenon may be be even more frustrating to consumers. The unique economic situation with inflation driving up costs for both businesses and consumers, in tandem with the shortage of labor, has led to skimpflation. Recently defined and coined by NPR’s Planet Money podcast, this new term describes a not-so-new business practice. Skimpflation is when businesses cut or skimp on services and experiences while keeping prices the same or increasing them to save money or because they lack the personnel to fulfill said services. It’s no secret business has been disrupted through supply chain issues, rising prices, and workforce shortages, forcing some businesses to find alternative avenues to maintain their bottom line.
The Rising Threat of Skimpflation
Some familiar examples of skimpflation are fewer flight options or none at all, slower or worse service at restaurants, fewer menu options, longer wait times for customer service representatives, longer delivery times for pizza. Even Disney World has been accused of skimpflation by suspending tram service and character meet and greets for guests despite all-time-high ticket prices. No doubt some of this is an inevitable reality of forging ahead despite major economic challenges. However, most consumers don’t generally enjoy feeling as though they are getting jipped or receiving worse customer service than they’re used to.
How Treadstone is Doing Things Differently
As this practice begins to shift into normalcy, the reality of Skimpflation has given Treadstone an opportunity to renew our commitment to upholding the level of excellent costumer service that we’re passionate about. That’s why as other industries have been cutting corners, we are literally filling them. Over the past year, we have invested in a new building to expand our capacity and house additional, fully trained employees – employees who answer phone calls, emails, and know our clientele personally. What’s more, we already filled it! While other mortgage companies lay off employees, Treadstone has prioritized being responsibly staffed to ensure our clients receive the level of service we have become known to deliver. Thanks in part to our in-house ownership, Treadstone can make decisions quickly and remain adaptable in the face of change and economic adversity. Decisions like these have allowed us to maintain quicker than average closing times, and uphold our promise to close on time, every time.
Additionally, as part of our mission to set the standard in our industry and redefine the mortgage experience for our clients, we are constantly seeking new ways to exceed expectations. That’s why we’ve continued to invest in new tools, innovative software, and educational opportunities to add value to our clients even after they close with us. We’re proud to offer tools like Homebot and Updater to our clients – just to name a few.
As we begin the third year of the pandemic, reflecting on the current economic situation and the rising threat of skimplflation has given us an opportunity to renew our commitment to doing mortgages – better, faster, smarter. Because, after all, nobody raves about average.
Contact us today to experience the Treadstone difference!
Skimpflation is when businesses skimp on service to save money or because they lack the personnel to fulfill services.