Report finds that most consumers are concerned about tariff impacts

International trade dominates headlines thanks to sweeping tariffs imposed Tuesday (March 4) by the Trump administration on most or all imports from Canada, China, and Mexico (25%). The tariffs are set at 25% on Canada and Mexico and 20% on all products from China.

Consumer insight firm Numerator reports 80% of its survey respondents expressed concern about the impact of tariffs on their finances and shopping. Numerator reports 64% of consumers surveyed are worried about higher prices on everyday goods, and 54.8% specifically mentioned higher grocery prices as a big concern for the household budget.

Four in 10 expect higher gasoline prices, and 34% expect their purchases of household goods will increase because of the tariffs. One in three is concerned about higher electronics costs, medical supplies and automobiles. The rising cost of natural gas and electricity is a concern for 26%, along with higher building material (24.3%) and increased prices for apparel (23.5%).

Numerator found 23.3% were worried about increased costs for personal care products, and 22% cited concern over rising home appliance prices. Other concerns include 44% who worried about the limited availability of certain products, and 25% foresee a potential slowdown in economic growth. Also, 13% said they feared tariffs would negatively impact their job.

Numerator asked consumers about trade-offs in terms of shopping behaviors and found 76% anticipate making changes to their finances or shopping behaviors in response to the tariffs. The survey found 41% would look for sales or coupons to help offset price increases, 30% expect fewer imported goods, and 26% will switch to U.S.-made alternatives when available.

Nearly one in four respondents said they would delay purchases until prices stabilize. One in 10 said they could increase their spending budgets to account for the price increases.

“If price increases are unavoidable due to new tariffs, companies should implement them gradually to minimize consumer pushback,” the report recommended. “Running targeted promotions or loyalty rewards can also be a bridge strategy to retain price-sensitive shoppers.”

Debra Weinswig, CEO of Coresight Research, said consumers have been resilient amid the highest inflation in decades. She warned that consumers will push back when prices reach their breaking point. She said the recent spike in egg prices meant consumers bought less. In the longer term, Weinswig said manufacturers and retailers have an opportunity to shorten their supply chains and find efficiencies that can be passed on in the form of lower prices.