As retailers gear up for what should be their busiest months, nearly 90% of consumers say that they're worried that international trade issues will impact their holiday shopping. 

According to a September 17 survey of 250 North American consumers by third-party logistics provider Kenco, 58% say that price increases driven by tariffs and inflation are their biggest concern headed into the peak shopping season. Almost 80% also say that they plan to spend either the same or less than they did last year, while Kenco has tracked an 11% increase, compared to 2024, in people waiting to start their holiday shopping.

Read More: Tariffs Set to Turn Holiday Shopping Season into High-Stakes Gamble

As consumers experience tighter budgets and higher prices, many have become more strategic in their shopping, with three-quarters of respondents saying that they would choose a free, slower shipping option over faster shipping with an added fee. Another 57% said that easy returns are the most influential factor when it comes to determining which retailer they'd buy from, while 72% said that free return shipping is the most important return-related incentive to them.

“'Deal' is the key word for the 2025 holiday season – there’s going to be greater demand for the retailers that offer the best deal possible,” said Kenco senior vice president of logistics operations Frank Loewen.

In an August 10 research note, Goldman Sachs predicted that consumers will shoulder up to 67% of added tariff costs by October, up from the 22% that they took on during the first half of the year. Goldman also calculated that Trump administration tariffs this year have contributed 0.20 percentage points to the Personal Consumption Expenditures price index, which is used by the Federal Reserve to measure inflation for consumer goods. A separate September survey from fleet management service Ryder found that 43% of online shoppers intend to make fewer purchases this year as a direct result of inflation.