To dream that you are shrinking reflects your feelings of unimportance and implies that you hold a low opinion of yourself. You may have experienced shame and humiliation. It is possible that your efforts have been ignored by others. It may also represent your youth or younger years.
To see others shrink in your dream suggests that they no longer influence or affect you. It may also simply mean that you should consult the advice of a professional psychiatrist.
To see objects shrinking in your dream implies that they are losing their significance and perhaps are no longer required.