U.S. consumers are changing their spending patterns and delaying some purchases because of President Donald Trump’s chaotic tariff policy and the broader economic uncertainty, new survey data reported by CNN shows. 

Tax and audit firm KPMG’s second annual American Perspectives survey released May 15 showed a down-shift in spending patterns, even as the picture regarding tariffs on imports to the U.S. remains unclear. The survey of 2,500 adults sought to evaluate their personal financial situations, as well as how they were adapting to changing forces in the economy, including new tariffs, the rise of generative artificial intelligence and the role of higher education. 

It was conducted between April 3 and April 23 — giving a snapshot of the period between Trump’s April 2 announcement of a huge range of punitive tariffs, especially on goods originating in China, and a later pause of dozens of those tariffs, including a de-escalation of the U.S.-China trade war, announced May 12. 

Survey respondents indicated plans to hold off on some major purchases and scale back in other areas of their lives in order to not accumulate debt, according to KPMG. About 68% of respondents said they did not want to take on any more credit, according to the report. And many respondents surveyed by KPMG indicated they intend to cut back on purchases both large and small: 43% said they will delay buying a car because of tariffs.