Potential Tariffs Could Influence Consumer Behavior, Says NRF President
Click to start listening
New York, Dec 4 (NationPress) US consumers may alter their purchasing habits as the holiday season continues and the new year arrives, driven by worries about impending tariffs, stated Matthew Shay, the president and CEO of the US National Retail Federation (NRF).
The shift in consumer behavior will vary depending on the product and the cost, influenced by external factors that consumers are observing and hearing, Shay mentioned during an online briefing focused on Thanksgiving holiday sales results, as reported by Xinhua news agency.
According to Shay, 80% of consumers are aware of tariffs and their implications on inflation, referencing surveys conducted in the lead-up to the 2024 presidential elections.
Shay observed that a notable percentage of consumers have not yet altered their purchasing behaviors, primarily due to the uncertainty surrounding the ongoing discussions about tariffs.
"Currently, the trend we observed during the holiday season indicated that individuals were primarily focused on shopping for gifts, rather than contemplating the possible consequences of tariffs," Shay added.
As many as 44% of Americans are planning their purchases in anticipation of President-elect Donald Trump taking office, fearing the potential implementation of tariffs, while 62% of Americans believe they need to adjust their financial strategies for 2025 due to possible tariffs, according to a recent survey by Harris Poll involving 2,112 US adults.
Holiday spending in the US during the last two months of 2024 is projected to hit historic highs, growing between 2.5% and 3.5% compared to 2023, amounting to between $979.5 billion and $989 billion, as per NRF forecasts.
Recently, Trump has threatened to enforce tariffs on imports from significant US trading partners, including Mexico, Canada, and the BRICS nations.
