Shopkick survey: 44% of consumers plan to cut back on shopping due to tariffs
Retailers aren’t the only ones concerned about the tariffs being placed on Chinese goods by the Trump administration.
In a survey of over 30,000 consumers by shopping rewards app Shopkick, 60% of respondents said they will adjust the retailers at which they shop if the impending tariffs go into effect and 44% percent plan to cut down on shopping. (On Thursday, the Trump administration said it would impose a 10% tariff on $300 billion worth of Chinese imports, effective Sept. 1.)
Of the 60% of consumers aware of the impending tariffs, nearly 40% report having already seen prices increasing on shelves. Thirty-eight percent of shoppers expect a household cost increase of up to $500, and 30% anticipate an increase of over $1,000. Twenty-nine percent of consumers are stocking up on goods now and 25% said they will make the switch to American-made goods.
“If the tariffs announced by the current administration are implemented, annualized consumer cost is likely to double,” stated Shopkick. “While the arrival and scope of the tariffs remain uncertain, it’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.”
Additionally, Shopkick found that awareness level about the tariffs differs by generation:
• Only 34% of Gen Z respondents are aware of tariffs, compared to 74% of boomers;
• Fifty-percent of millennials plan to cut down on spending compared to 38% of boomers; 62% of boomers will seek alternative options to cut costs.