Survey: Consumers feel prices rise; plan to adjust Black Friday, Cyber Monday spending
Consumers are starting to feel the pinch of higher prices when back-to-school shopping, and many expect to make changes to their holiday spending plans.
More than a quarter of consumers (27%) report that back-to-school prices are noticeably higher than in previous years, according to a new survey from performance marketing firm Wunderkind. This sentiment is strongest among Gen Z (39%), which likely reflects the impact of tariffs and inflation on younger households preparing for the school season.
About one-in-five (21%) of those surveyed say prices are only slightly higher, a view more common among Gen X (24%). A sizable portion (37%) of consumers have not looked at school supplies or clothing, with Baby Boomers skewing the numbers (70%). Only 11% of consumers believe prices are about the same, while just 3% have noticed lower prices.
[READ MORE: Survey: Rising costs boosting planned back-to-school spending]
Looking ahead to the winter shopping holidays, shoppers are eyeing notable changes to their Black Friday and Cyber Monday plans in light of inflation and tariffs. Almost one-third (30%) plan to focus more on discounts, led by Gen Z (35%) and Gen X (37%), while another 30% expect to spend less overall, with Gen X (34%) and women (34%) showing the highest levels of intent to cut back.
Almost a quarter (23%) say they will prioritize essentials for holiday shopping, a trend most common among Gen Z (27%) and millennials (25%). Spreading costs over several months appeals to 19% of shoppers, with millennials (28%) and men (20%) most likely to adopt this approach. Seventeen percent plan to delay or avoid big-ticket items entirely, a stance strongest among millennials (27%) and women (19%). Only 23% expect no change in their Black Friday and Cyber Monday shopping behavior.
Additional insights from the Wunderkind survey include the following:
- Almost half (44%) of U.S. consumers believe the newly-implemented tariffs “do not protect American jobs or are worth it.”
- Half of U.S. consumers (50%) believe they personally bear the largest share of the financial cost of tariffs on imported goods.
- The majority (58%) of consumers cite higher prices as their biggest concern, with Baby Boomers (65%) showing the highest levels of worry. Unpredictable price increases follow at 44%.
- A majority (57%) of consumers say they are more likely to stay loyal to brands that provide clear updates on pricing, availability and offers.
“U.S. shoppers remain firmly value-driven, navigating tariff-related price pressures with a mix of caution, adaptability, and selective optimism,” said Wunderkind. “Across demographics, spending decisions are shaped by the need to balance affordability with essential purchases and perceived value.”
Wunderkind’s U.S. Tariffs: Consumer Impact Survey is based on data collected Aug. 5-7, 2025, from 352 U.S. consumers evenly split across genders and adult age groups.
