- 62% of Americans surveyed say they’ve experienced price increases on everyday goods and services as a result of recent tariffs, yet 67% admit that it’s hard to tell which price increases are actually caused by tariffs.
- More than half (53%) of Americans say they’ve adjusted their spending in anticipation of tariffs; among them, 56% are cutting back on non-essential purchases to save money.
- One-third (33%) of those who have not changed their spending in anticipation of tariffs say they don’t plan to unless they see that prices actually change.
Regardless of economists’ claims that tariffs haven’t raised prices as much as initially expected, many Americans report noticing higher costs and are adjusting their finances in response.
According to new data from Intuit Credit Karma, 62% of consumers say they’ve experienced price increases for everyday goods and services that they shop for, as a result of recent tariffs, a figure that climbs to 71% among millennials. While roughly one in six (17%) haven’t experienced price hikes yet, they expect to soon.
It comes as no surprise that a majority of Americans report grappling with higher costs today, especially considering that back in February, when tariff announcements were dominating headlines, 87% expected prices of everyday goods to rise due to tariffs.
However, given the complex nature of tariffs and their trickle-down effects, 67% of consumers acknowledge that it’s difficult to determine which price increases are directly caused by tariffs. Even so, concerns about tariffs go beyond direct price hikes and echo the anxieties many felt during the pandemic. For instance, nearly three-quarters (73%) of Americans worry companies will use tariffs as an excuse to raise prices, and 65% fear tariffs will affect their ability to buy the things they need and want.
To offset rising costs, 53% of Americans say they’ve changed their spending in anticipation of future tariffs, rising to 61% of Gen Z and 60% of millennials. For more than half, this means pulling back on non-essentials (56%). Other financial precautions people are taking include seeking out cheaper alternatives like store brands or secondhand items (48%), stocking up on certain goods now in case prices go up (41%) or delaying big purchases until they better understand the impact of tariffs (38%).
Three in 10 (30%) Americans say they have not experienced price increases as a result of tariffs, which is likely why 40% have not changed their spending habits in anticipation. In fact, one-third (33%) of those who have not changed their spending say they don’t plan to make changes unless they see that prices actually change, and roughly a quarter (24%) expect tariffs to have a limited impact on prices.
“There are still many unknowns about how tariffs are directly impacting consumers,” said Courtney Alev, consumer financial advocate at Intuit Credit Karma. “The best thing you can do right now is consistently monitor your spending and stick to a monthly budget to build financial resilience against rising prices or unexpected changes in your financial situation. Consider building an emergency fund if you don’t have one already, and keep your financial goals top of mind to help you steer clear of emotional or impulsive spending.”
Methodology
This survey was conducted online within the United States by Qualtrics on behalf of Intuit Credit Karma on June 13, 2025, to June 17, 2025, among 1,058 adults ages 18 and older.