I CAME across the term “sticker shock” which is widely used in the United States of America. I wasn’t aware of it before first listening to an online video on inflation, but it made perfect sense after being enlightened on what it is. It is usually used to describe the surprise at the high price tag of a product or item in stores.

There’s also the term “bill shock” which is usually used to describe the exclamation of surprise seen on increased bills. I realised that this topic is one of utmost importance to us here in Guyana because many of us experience “sticker shock” without even knowing it. Over the years, the increasingly high cost of consumer goods has led to many people experiencing “sticker shocks” across Guyana and the world.

The term “sticker shock” is believed to have originated in the 1970s. This was a time when automobiles or cars were costly due to increasing policy changes and regulations. Many car dealers placed very large stickers on their cars when selling them so that passing people can easily read. It was done as a marketing strategy to get people’s attention in the United States. When the prices increased, the stickers on those cards seemed “shocking” to most people at the time because of the inflation. Like those passersby during the 1970s with the car prices, I’m sure many of us can relate to that feeling every time we make a trip to the market, supermarket or general stores.

The “sticker shock” feeling can become critical to what consumers purchase and why. It can eventually be dangerous to many suppliers or businesses because of the concern they may have for the item of a product. Have you noticed that many of the products that are fast sellers are inferior in quality? Many people will turn to the cheapest supplier, and in return, most times, that means purchasing a cheaper version of the product. It’s why we import certain things instead of buying the same or similar things that Guyanese produce right here—for a better price and quality.
Most of us may not be versed enough in Economics and how related systems work. Nonetheless, the more we experience sticker shock when we’re purchasing, the more likely problems will develop with our country’s current economic state. Unfortunately, necessities like food have remained at an all-time high in prices since the pandemic. When wages rise or the cost of production supplies increase—the customers like you and I will feel the pressure of having to pay the cost of increased items in store because the suppliers have to make up for their additional production costs.
Whenever supply decreases, and demand remains constant—the prices will increase for items. With that in mind, families worldwide must pay for these seldom regulated market fluctuations on their already strained income. Take cars out of the equation. It’s more of a luxury to have in most cases. What about food or shelter? It becomes a social problem as much as it is economical when we’re talking about things such as food, something we simply cannot live without.
The “sticker shock” phenomenon will be experienced differently by everyone based on their income and expectations of prices. Nonetheless, it’s still worrying at the end of the day to think about how much a significant sum of money you have to spend weekly just to purchase basic human necessities. That certainly affects the overall quality of life of persons living in Guyana.