In a survey of over 30,000 consumers, 60% will adjust the retailers at which they shop if the impending tariffs go into effect.
Shopkick, Redwood City, Calif., surveyed users to gain insight into consumer awareness and behavioral changes in light of the impending Trump Administration tariffs.
Of the 60% of consumers aware of the impending tariffs, nearly 40% report having already seen price increases on shelves. Nearly 38% of shoppers expect a household cost increase of up to $500, and 30% anticipate an increase of over $1,000.
Additional reported behavioral changes should the tariffs hit the United States include:
- 60% plan to adjust the retailers they frequent.
- 44% plan to cut down on shopping.
- 29% are stocking up on goods now.
- 25% will make the switch to American-made goods.
Additionally, Shopkick found that awareness level differs by generation:
- Only 34% of Gen Z respondents are aware of tariffs, compared to 74% of Boomers.
- 50% of Millennials plan to cut down on spending, compared to 38% of Boomers; the majority 62% of Boomers will seek alternative options to cut costs.
- 40% of Millenials anticipate tariffs would cost their household up to $500 annually while 31% of Gen Z estimated the same monetary impact.
The survey was conducted from June 28-30.