shrinking market
/ˈʃrɪŋkɪŋ ˈmɑːrkɪt/ · shrink·ing mar·ket
noun
- A market that is decreasing in size, often due to economic or demographic factors. The company's sales have been affected by the shrinking market for their product.
noun
- A situation in which a market is contracting or becoming less competitive. The industry is facing a shrinking market due to increased competition from foreign companies.
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Did you know? The concept of a shrinking market has been a concern for businesses and economists for centuries, with ancient civilizations such as the Greeks and Romans experiencing market fluctuations due to wars, famines, and other economic disruptions.