Imports at the nation’s major cargo ports are expected to see one more boost in November before falling off in December and into the New Year, according to the National Retail Federation.
Imports at the nation’s major retail container ports are expected to hit their highest level of the year in November just before additional tariffs take effect in December, according to the Global Port Tracker report from the National Retail Federation and Hackett Associates.
The National Retail Federation said it expects holiday retail sales during November and December to increase between 3.8% and 4.2% over 2018 to a total of between $727.9 billion and $730.7 billion.
Imports at the nation’s major retail container ports remained strong in August as retailers and product suppliers looked to beat a new wave of tariffs that took effect September 1.
The impact of tariffs on consumer purchase decisions will vary from product to product based on whether shoppers view an item as a necessity or a luxury, according to the results of a recent study by The NPD Group.
As it reported second quarter results, Dorel Industries said that it is doing its best to shrug off the effects of tariffs imposed on China by the U.S. as it drives top-line growth and makes adjustments to boost the bottom line.
Importers of Chinese made goods, including many product suppliers in housewares, will be facing a new round of tariffs beginning in September.
The topic of tariffs is one that is dominating conversations across the housewares landscape as retailers and suppliers work to develop solutions to deal with looming price increases that are expected to touch nearly every segment in the industry.
President Donald Trump has delayed a new round of tariffs that would have put a 25% surcharge on an additional $300 billion worth of products made in China, which would have included a broad range of housewares.
The National Retail Federation is backing a bill that would strengthen congressional authority over tariff increases such as those imposed by the Trump administration during the past year.
Tariffs are shaking up the supplier picture today for mass-market retailers while changing consumer preferences for trendier products is continuing to transform the market. Walmart’s two-day open call event, ending today, June 19, comes at an appropriate moment in a shifting retail landscape.
In spite of higher tariffs on Chinese-made products coming in mid-June, traffic at the nation’s major retail ports is expected to stay strong as retailers look to stock up for the back-to-school and holiday shopping seasons.
With the most recent list of proposed tariffs affecting the housewares industry, the International Housewares Association is encouraging members to contact their congressional representatives or provide comment to the United States Trade Representative (USTR) on the tariffs’ effect on their business.