A majority of recently surveyed shoppers revealed they are purchasing products in advance of potential price increases prompted by higher import duties.
According to a survey from tech-driven financial services provider Bread Financial, 44% of consumers are saving more money in anticipation of higher tariffs, while 64% have sped up planned purchases or stocked up on goods ahead of potential price increases. Younger consumers lead preemptive purchasing, with 82% of Gen Z and 72% of Millennials spending immediately as they worry about advancing prices.
As shoppers consider what might occur as tariffs increase, categories for which consumers expect to spend more, according to the survey, include travel, at 18%; home improvement, at 18%; apparel, at 16%, and electronics, at 15%.
Gen Zers leads across multiple categories versus the average, as 29% intend to spend more on travel, 28% expect to spend more on apparel, and 27% expect to spend more on home improvement, according to the Bread Financial survey.
