Survey: 88% Express Concern About Tariffs

A majority of U.S. consumers express both knowledge and concern about tariffs; 83% of consumers say they understand what tariffs are and how they impact prices, and 88% are concerned about the impact on their personal finances or shopping habits.

Those numbers are from Numerator's Tariff Sentiment Tracker, which provides ongoing updates on consumers' tariff perspectives, based on surveys 5,000 U.S. consumers on a bi-weekly basis. The tracker now includes data from four waves of the survey from April 21, May 5, May 25, and June 2.

Key survey findings include:

• More than three-quarters of U.S. consumers are aware of tariffs, and 77% of consumers say they are aware of new or proposed tariffs on goods imported into the U.S. Awareness is highest for Millennials (79%) and high-income consumers (84%) and lowest for Boomers+ (75%) and low-income consumers (68%).
• Understanding goes hand-in-hand with awareness, and 83% of consumers say they understand what tariffs are and how they impact prices.
• One-third of U.S. consumers support tariffs. More U.S. consumers oppose tariffs than support (30% support, 45% oppose), a trend that intensifies at the margins, with 29% being strongly opposed compared to 12% who strongly support. Overall support of the tariffs is down 2 points vs. two weeks ago.
• There is a generational divide when it comes to support and opposition of tariffs. Boomers and older (38%) are more likely than the average consumer to say they support tariffs while Gen Z (55%) and Millennials (49%) are more likely to say they oppose tariffs.
• Only a quarter of consumers believe that tariffs will have a positive impact on the U.S. economy over the next year while 58% believe they will have a negative impact. In addition, 77% of consumers are concerned about the possibility of a recession in the coming year.
• Nearly nine in 10 consumers continue to say that tariffs will impact their personal finances or shopping habits with 88% of consumers are concerned about the impact of tariffs, in line with survey results from early May. In addition, 64% of consumers are worried about higher prices on everyday goods, 59% are worried about general inflation, 48% are worried about higher prices on nonessential items, and 45% of U.S. consumers are concerned about limited availability of certain products.
• 81% of U.S. consumers still expect to adjust their finances or shopping habits in response to the tariffs. Consumers say they are most likely to cut back spending on nonessentials (47%), look for sales or coupons to offset price increases (42%), delay nonessential or big-ticket purchases (32%), buy fewer imported goods (28%), and switch to lower-priced retailers or discount stores (30%). The only reaction to see a notable decline since late April was "delaying purchases until prices stabilize" (25% in June vs. 28% in late April).
• Economic concerns have declined in the past month, and 33% of consumers are concerned about the impact on the stock market and/or their investments (vs. 34% two weeks ago and 41% in late April), 29% are concerned about slower economic growth (vs. 29% two weeks ago and 33% in late April). Nearly one in 5 (19%) say they are worried about the impact on their job or industry, a percentage that has remained flat since late April.
• 9% of U.S. consumers say they have no concerns regarding tariffs, and 7% do not expect to make any changes as a response to tariffs.