Survey: Consumers pull forward purchases, plan to cut spending ahead of tariffs
Tariffs will have a major impact on how consumers spend their money.
Seven-in-10 (70%) consumers say that they will reduce overall spending once new tariffs on imported goods go into effect, according to a new survey from e-commerce platform ESW. Millennials top the list of those planning spending cutbacks, with 78% indicating a reduction. More than half (54%) of baby boomers say they plan to stop buying certain imported goods to avoid higher prices.
Consumers plan to cut back on electronics (68%) because of tariff increases, while 61% will reduce purchases of apparel and accessories, and 51% plan to spend less on home goods.
Overall, 45% of consumers have pulled forward spending on electronics, and 37% are stocking up on groceries to avoid increased prices. Nearly six-in-10 (58%) Gen Z shoppers have pulled forward their purchases of high priced items such as iPhones and computers in advance of potential tariff increases.
Of the shoppers planning to cut back on online shopping this year, 58% cited saving money as the primary driver. Concern about the current economic climate was cited as the second highest reason for cutting back at 36%, followed by the high cost of essentials, such as food (32%). Nearly 40% say they feel shopping online is less expensive than shopping in-store, while 49% of shoppers who will spend more plan to do so because there are more purchase options online.
“Market volatility and increased costs due to tariffs are causing U.S. shoppers to change their spending habits,” said Eric Eichmann, CEO of ESW. “Our data finds that younger, Gen Z consumers are far more likely than baby boomers to feel unprepared for price hikes, and have already curtailed their spending in anticipation. As global retailers and brands strategize to offset these new developments, they must prepare to offer more perceived value, price transparency, and flexibility in order to retain brand equity and loyalty.”
[READ MORE: Survey: Consumers to shift loyalty to brands that absorb tariff costs]
Additional insights from the ESW survey include the following:
- Millennial consumers are 36% more likely than other generations to prefer that brands offer buy now, pay later options, even if it means paying higher prices.
- Nearly half (46%) of online shoppers purchasing items outside their home country do so because the total cost, including taxes and shipping, was lower than prices for that item domestically.
- When tariffs go into effect, nearly 53% of consumers say they will not spend more for eco-friendly products. However, half (51%) of all consumers do say they consider the environmental impact of items when they are shopping, such as carbon emissions, dye water contamination and microplastics.
ESW’s Impact on Tariffs on Purchasing Decisions report includes data from a nationally representative sample of 1,008 adult consumers collected in April 2025.
