68% of US consumers believe they bear the cost of tariffs: Survey

Moreover, 49 per cent have altered shopping habits due to inflation, and only 26 per cent expect their financial situation to improve in the coming year, according to a survey conducted by LEK Consulting in late July 2025.

The data highlighted a growing strain on household budgets: nearly half of consumers already paying more than they find acceptable, about 61 per cent of shoppers in durable goods and 57 per cent in apparel and accessories are paying above their acceptable price threshold.

When it comes to spending cuts, apparel, footwear, and accessories are the most at risk, with 74 per cent of consumers reducing expenditure in this category. Durable household goods follow at 68 per cent, while 63 per cent are cutting back on beauty products.

In response to rising costs, most shoppers are trading down rather than walking away. Lower-priced brands have become the most common coping mechanism, with 55 per cent reducing purchase frequency and 27 per cent opting for cheaper alternatives (except beauty products).

LEK Consulting warned that these behavioural shifts are not temporary and advised brands to reinforce value propositions, reward loyalty, and adapt pricing strategies to sustain competitiveness amid ongoing economic uncertainty.

LEK Consulting conducted the pulse survey among a nationally representative and demographically balanced sample of approximately 2,000 US adults to assess evolving consumer perspectives on tariffs.

ALCHEMPro News Desk (SG)