Every quarter, McKinsey & Company surveys upwards of 100,000 consumers across 18 countries to gauge economic sentiment and its potential effect on spending. The research, called “ConsumerWise, “provides a 360° view of the consumer through the combination of our team of experts and advisors,” per McKinsey.
In April and May, the survey focused on U.S. consumers to assess the impact of tariffs on their attitudes and behaviors. The findings showed that while inflation remains the top concern among consumers, tariffs have rapidly climbed to become the second most cited issue.
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In addition, most survey respondents have either adjusted their spending habits or plan to do so soon, even though the impact of tariffs has not yet materialized in store prices.
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Moreover, consumers who anticipated changing their behavior frequently mentioned less spending on nonessential goods, buying fewer items, or opting for more affordable brands and products.