While the issue of tariffs has been much discussed throughout 2018, retailers and housewares product suppliers have expressed concern about their potential impact on consumer buying habits.
A recent survey by consumer insight firm Numerator on the issue of tariffs and the impact on the small appliance segment found that more than half of survey respondents (54.2%) are in favor of tariffs. In addition, an overwhelming majority of those surveyed said they would neither shop more or less as a result of the tariffs.
However, the impact of tariffs on the price of products may lead to some consumers buying a product earlier than they had anticipated, according to the survey. Nearly one-third of those who are pro-tariffs said they would purchase a needed item earlier than expected in an effort to offset possible price increases related to tariffs. Of those who are anti-tariff, 21.1% said they would buy an item earlier than anticipated.
On the topic of price increases, an overwhelming majority of survey respondents expect to see higher prices as a result of the tariffs. Of those who said they are pro-tariff, 53.7% said they either completely agree or somewhat agree the tariffs will lead to price increases while 76% of those who are anti-tariff said they either completely agree or somewhat agree that tariffs will lead to price increases.
In addition, 46.2% of respondents who said they are anti-tariff expect prices to rise significantly, while 49.4% of respondents who are pro-tariff expect prices to slightly rise.