Hey folks! As summer nears, a big change is in the air – Americans are getting extra cautious with their cash 😮. Recent surveys reveal that tariffs imposed by U.S. President Donald Trump are making a real impact on spending habits.
According to a WalletHub survey, 45% of respondents said that tariffs are affecting their travel plans, with nearly two in three planning to spend less this summer compared to last year. Another survey by KPMG, which reached 1,516 U.S. consumers, found that half are cutting back on day-to-day spending and more than 70% expect a recession within the next year.
One keen observer, freelance copy editor Raina Becker, pointed out that the tariffs are pushing prices so high that "what you're charging is not even close to what this is worth!" Families like Brad Russell's in Philadelphia are already adapting by opting for modest local trips—think weekend car trips instead of long, expensive vacations.
While these trends center on U.S. consumers, the ripple effects of global economic shifts can touch us all, from tech gadgets to lifestyle choices in South and Southeast Asia. Staying savvy and keeping an eye on these trends can help you budget better and plan smarter for the future 👍.
As Trump uses emergency powers to levy steep new taxes on a variety of imported goods, the message is clear: the global market is evolving, and it's time we all pay attention. Stay tuned for more updates on how such shifts might influence trends around the world 🚀.
Reference(s):
cgtn.com
