But the price has reduced a lot in real terms. I think they've set the price benchmark too low, even without factoring in shrinkflation and reduced quality, meaning that they couldn't make a quality product for that price, even if they wanted to.
Before the CoL set in, supermarkets routinely sold 4-packs of Cadbury chocolate bars for £1, which is ridiculously low. Unless you impulse-bought one at the checkouts, when it would be 70p for a single one!
I'm not saying they ever really were top premium products, or that they should be out of the reach of the typical person, but if they'd kept them at, say, £2.50 or £3 for a pack of four - so they were still a bit of a treat and not something to idly grab and scoff without thinking about it - they could have retained the quality ingredients (assuming they'd been so-minded to do) and there would have been no need for 6,745,219 MN threads about how gross it is now compared with the old days.
I think Poundland have now (eventually) learned the lesson, whereby it's great to be able to offer products at a good price, but if you're working down to a sometimes artificially-low set price-point, nobody is going to be happy. I often bought things from PL for £1 and found myself wishing they'd just made the same product but with better grade materials and charged a bit more for it: I'd much rather pay £3 for something that would last years than £1 for a seriously inferior version of the exact same thing that would fall to pieces before a month had passed.