REDWOOD CITY, Calif. (BUSINESS WIRE) — Shopkick, the leading shopping rewards app, surveyed users to gain insight into consumer awareness and behavioral changes in light of the impending Trump Administration tariffs. In a survey of over 30,000 consumers, 60 percent say they will adjust the retailers at which they shop if the impending tariffs go into effect.
New rounds of tariffs being placed on imports from China will result in raised prices on consumer goods, increases reaching a high of 10%.
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.
Additional reported behavioral changes should the tariffs hit the U.S. include:
• 60% plan to adjust retailers they frequent
• 44% percent plan to cut down on shopping
• 29% percent are stocking up on goods now
• 25% percent 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 percent of Boomers
- 50% of Millennials plan to cut down on spending compared to 38 percent of Boomers; the majority, 62% of Boomers, will seek alternative options to cut costs
- 40% of Millennials anticipate tariffs would cost their household up to $500 annually while 31% of Gen Z estimated the same monetary impact