More Than Half of Americans Will Change Shopping Habits Because of Tariffs
Retailers often argue that tariffs on imported goods will have an adverse effect on consumers, and the results of a recent survey add support to that view: 60 percent of American consumers say they will change the retailers where they shop on account of tariffs, according to shopping rewards app Shopkick, which polled more than 30,000 U.S. shoppers on the subject.
Of that percentage that’s aware of tariffs, almost 40 percent reported having already seen higher prices in stores. Further, 38 percent of shoppers said that they expected a household cost increase of up to $500, and 30 percent anticipated an increase of more than $1,000.
Other survey findings included:
- 44 percent said they planned to cut down on shopping
- 29 percent said they were stocking up on goods now
- 25 percent said they would switch to U.S.-made goods
When it came to the various generations:
- 34 percent of Gen Z respondents are aware of tariffs, compared with 74 percent of Boomers
- 50 percent of Millennials plan to cut down on spending versus 38 percent of Boomers; the majority 62 percent of whom said that they would seek alternative options to cutting costs
- 40 percent of Millennials expect that tariffs would cost their household up to $500 annually, while 31 percent of Gen Z respondents estimated the same monetary impact
If the latest round of tariffs unveiled by the Turmp administration – a 10 percent tax on $300 billion worth of goods imported from China – are imposed, annualized consumer cost is likely to double, noted Redwood City, Calif.-based Shopkick, adding, “[I]t’s clear that consumers are thinking ahead and plan to adjust their shopping habits and destinations, ushering in a new age of consumer shopping habits that American retailers will be forced to adapt to.”
Shopkick’s survey was conducted in late June.