New Data Reveals Widespread Consumer Concern Over Tariffs
Tariffs continue to grab the headlines, and an overwhelming majority of consumers are concerned about the impact they will have on their finances or shopping, according to new data from Numerator.
In its Tricks of the Trade: Consumers React to U.S. Tariffs report, 87% of consumers expressed concerns about the impact tariffs will have on their personal finances or the cost of products they buy. Additionally, shoppers said they are worried about tariff-related price increases in essential categories like groceries (58%), household goods (43%), gasoline (40%), and medications/medical supplies (36%).
Three-fourths of U.S. consumers said they have kept tabs on tariffs this year, with awareness peaking in April following the initial tariffs announcement by the Trump administration, before slowly falling to 71% by early July.
"Consumers are increasingly concerned about the impact of tariffs, both on their own finances and the overall economy," Dr. Leo Geler, chief economist with Numerator, said earlier this year. "This is not just a partisan issue. Consumers across the political spectrum are becoming increasingly concerned."
According to Numerator, consumers seemed to grow accustomed to tariff updates, tuning out new news as the months progressed and the media focus shifted to new topics. Tariff understanding has been consistently mixed, with about a third (36%) of shoppers claiming to understand tariffs very well, while half (47%) have only a general idea of how they work, and 15% have little to no understanding of the issue.
When asked about what impact tariffs will have on the U.S. economy, 57% said they will have a negative impact, and 77% of survey respondents are concerned about a recession within the next year.
With tariffs top of mind for many U.S. consumers, 82% of those surveyed anticipate making changes to their shopping habits, such as cutting back on nonessential spending (47%), looking for sales or coupons to offset tariff price increases (42%), delaying nonessential or big-ticket purchases (32%) or switching to lower-priced retailers or discount stores (29%).
