Study: Many consumers spending at same levels as six months ago
Consumers aren’t fully feeling the effects of tariffs — yet.
A majority (62%) of consumers never or rarely find that the items they want aren't available because of tariffs, according to AI-powered predictive consumer intelligence firm Resonate’s latest Consumer Trends Report. And despite ongoing economic pressure, nearly half (49%) are spending the same amount as they were six months ago, and 30% say they've made no changes to their spending habits to accommodate higher prices.
The study also found that consumers aren't afraid to walk away from non-essential spending if/when they feel the pinch from tariffs. Consumers are prepared to make changes if economic conditions worsen: 37% will stop dining out or ordering takeout, 26% will cut vacation and travel spending, and 24% will halt entertainment and events purchases. Additionally, 24% will cut back on luxury purchases, while 19% will avoid them entirely.
Other highlights from the report are below:
- Holiday spending will be slower: Over the last two years, Resonate data shows a 38% increase in consumers opting out of buying presents completely. Twenty-five percent intend to shop exclusively during events like Black Friday and Cyber Monday, showing little change since 2024, but a focus on consumers pursuing deals to get the best bang for their buck.
- Confidence is waning in personal finances: Despite only 22% of consumers being worried about the economy (a 19% decrease since March), a quarter (23%) expect to be personally worse off financially in the next six months. With 70% of consumers in debt, 16% of them are struggling to meet debt obligations. This could be a reason for 34% saying they are also saving less than they were six months ago.
- Budget-friendly travel is on the rise: Over half (55%) of consumers don't plan to travel this fall/winter holiday season, and for those who do, consumers are changing their vacation habits. 32% plan to spend less than $2,000. As a result, 21% are opting for shorter trips, 11% are choosing domestic over international travel, and 13% are switching to budget-friendly travel options like camping or road trips.
“Americans aren't pulling back yet, but tariffs have the potential to cause consumer behaviors to shift overnight," said Bryan Gernert, CEO of Resonate. "The brands that win won't just be focused on cutting costs — they'll drive growth by understanding why people buy and acting on it in real time, keeping customers loyal even in uncertain times."
The report emphasizes that brands can no longer rely on "holiday intuition" or historical campaign performance alone. With shifting consumer perceptions of inflation, debt, and pricing pressure, AI-powered consumer intelligence can arm brands with the insights needed to reach consumers during times of economic uncertainty.
