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Nearly 80% of consumers say that they've already started shopping differently in response to tariffs, while major brands have rolled out price increases for a variety of goods.
In a survey of 1,000 U.S. shoppers from B2B online platform k-ecommerce, 84% said they're worried tariffs will keep pushing prices higher this year, while 44% said that they've reduced their overall spending. Another 36% of respondents said that they've delayed purchasing non-essential items.
“When consumers change their behaviors, there are impacts throughout the entire supply chain,” said k-ecommerce general manager Michael Netto, noting that he's seen manufacturers going into databases and adjusting prices weekly in response to economic pressure.
Data released by the Federal Reserve on June 4 showed that roughly three-quarters of service firms reported passing tariff costs onto customers in some way. A "significant share" also said that they've raised prices of goods and services unaffected by tariffs, either to spread the higher costs across their inventory, or to capitalize on consumer expectations around price surges. Large brands like Amazon, Walmart, Macy's and Best Buy among others have all said they plan to increase their own prices in response to the Trump administration's levies as well.
K-ecommerce's survey found that just 14% of consumers believe that brands clearly explain price changes, while more than a third said that they would view a brand more favorably if it clearly communicated the root cause of any increases. The companies addressing those concerns the best, Netto said, are the "forward-thinking" manufacturers that have adopted flexible surcharge models that "respond precisely to produce cost fluctuations." The key for brands, he added, is ensuring that price surges are responded to in real time, with clear, transparent reasoning that maintains trust with customers.
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