Amazon CEO Andy Jassy on stage during the presentation on Feb. 26, 2025, in New York City.
During Amazon’s annual shareholder meeting this week, CEO Andy Jassy said that the giant retailer hasn’t yet spotted major changes in average prices or shopper demand stemming from US-imposed tariffs.
“We have not seen any attenuation of demand at this point,” Jassy said in the meeting, which was held virtually. “We also haven’t yet seen any meaningful average selling price increases.”
Other big retailers including Target and Walmart have acknowledged that tariffs could bring higher prices. You can monitor the effect tariffs are having on prices with CNET’s Tariff Tracker Index, which is keeping an eye on the prices of 11 popular products.
Amazon said previously that it was stocking up on some goods and making supply chain changes to try to keep prices low for customers.
At one point, the US was imposing a 145% tariff on goods imported from China. Products such as electronics from Anker appeared to be affected, causing prices to go up about 18%. But a deal with China rolled that tariff rate back to 30% for at least 90 days.
A tariff on auto parts made in other countries is spurring Subaru to raise prices on some of its vehicles.
Some shoppers seeing things differently
Consumers who shop Amazon may not yet be seeing effects of tariffs, as Jassy says, but that doesn’t mean they aren’t concerned.
“People are still spending, but they’re being more intentional about it. Life doesn’t slow down just because prices go up,” said Stephanie Carls, retail insights expert at RetailMeNot, a coupon aggregation site.
A RetailMeNot survey from early May showed that 81% of shoppers were already feeling the effects of tariffs on everyday purchases and that nine out of 10 planned to cut back on summer expenses, primarily dining out and takeout. Meanwhile, 55% said they’re feeling more pressure on their household budgets.
Carls said RetailMeNot is seeing some third-party vendors on Amazon’s marketplace adjusting prices or cutting back on promos; some are even planning to sit out Prime Day. Some consumers are stocking up on items ahead of anticipated price hikes: According to the company’s survey, 60% of shoppers expect to start their holiday shopping before the end of the summer.
Another way Amazon is getting customers to keep spending is with “preorder options that lock in prices,” Carls said. “A great example is the Star Wars Squishmallows — available for $19.99 now, shipping in December.”