Since the last reading, consumers’ overall concern about the impact of recent trade policies and tariffs on their household spending is slightly down among the U.S. adult population. With the U.S. and China reportedly closer to a trade deal, it appears media reports have eased the fears of American consumers, at least for now.
Additionally, the monitor found that, overall, the number of people self-reporting that they’re buying less or at least noticing that prices are down is statistically flat month over month.
Young Adults Show Greater Concern in November Reading
Though the needle hasn’t moved much, younger people are less likely to say they’re ‘not at all concerned’ about tariffs in November than they were in October.
That could be due to the fact that slightly more young people (18-29) made up the group noticing price hikes on the everyday items they purchase.
Impact on Holiday Buying
To no surprise, those concerned over recent trade policies and tariffs are more likely to be buying less this holiday season compared to last.
And, as reported in the CivicScience Holiday Spending Report, tariff fears and their impact on household spending have an effect on holiday shopping this year. Of the Americans who say they’re buying less than they used to because prices are higher in the November reading of the tariff monitor, nearly half of them plan to spend less this holiday.
Overall economic sentiment is on the up and up, which surely has a lot to do with declining concern over tariff fears. If China and the U.S. are to announce and finalize a trade deal by year’s end, we’ll likely see concern decline drastically.