"The effects of tariffs are expected to be felt more widely this fall, with higher prices, plus a change in product mix and holiday promotions. Retailers' pre-tariff inventory is nearly depleted - and what hits shelves next will have already been subject to higher tariffs rates that companies are starting to pass on to consumers. By the numbers: 84% of respondents expect to cut back in the next six months, per the PwC survey of 4,000 U.S. consumers conducted between June 26 and July 9."
"Americans plan to spend $1,552 on average, down from $1,638 in 2024. Gift spending is projected to fall 11% to $721, down from $814 last year. Tariff-concerned consumers say they anticipate 10% lower gift budgets. Zoom in: There's a generational divide, with Gen Z planning a 23% cutback, while baby boomers are up 5% and Gen X up 2%. Millennials are roughly flat."
A PwC survey of 4,000 U.S. consumers found 84% expect to cut back over the next six months. Average planned holiday spending falls to $1,552 from $1,638, and gift spending is projected to drop 11% to $721. Tariffs are expected to raise prices, alter product mix and holiday promotions, and depleted pre-tariff inventory means new stock will reflect higher tariff rates passed to consumers. Gen Z plans a 23% reduction while baby boomers and Gen X plan modest increases; households with children plan substantially higher spending and most gift dollars concentrate between Thanksgiving and Cyber Monday. Global tariff policy remains uncertain after a recent court ruling.
Read at Axios
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