Six in 10 people are worried about tariffs impacting their holiday shopping, according to a new study. President Donald Trump had said he chose to delay part of the taxes on $300 billion worth of Chinese imports from September 1 until December 15 “for the Christmas season … just in case some of the tariffs would have an impact on US customers.” But consumers are still anxious.
Fifty-seven percent are concerned about tariffs raising prices on holiday goods, Coresight Research found in surveying 1,784 U.S. consumers last month. And when asked what those people would do if prices were to go up, 22.5% said they would buy fewer items, while 22% said they would switch to a cheaper retailer. Nearly 70% said they would still spend the same amount of money and not increase their spending to keep up with the price hikes, meaning they would likely end up buying fewer goods.
“We think our survey results should sound alarm bells for retailers looking to pass on cost… CNBC News
