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New Poll Finds Consumers Are Worried About Tariffs

New Poll Finds Consumers Are Worried About Tariffs

Are new tariffs on Chinese goods the Grinch who will steal Christmas?

Nearly six out of 10 people surveyed by Coresight Research said they are concerned tariffs will boost the prices of holiday goods, CNBC reported.

Survey Results

Coresight Research surveyed 1,784 U.S. consumers in August, and 70% of respondents said they won't spend more money to keep up with prices increases and will buy fewer items, according to CNBC.

Another 22% of respondents said they will seek out items at a discount or cheaper retailers to make up for price increases. 

The numbers makes it clear consumers are "unwilling to accept price hikes" and will take the necessary steps to avoid paying more by trading down in volume, by retailer or by product, CNBC quoted Coresight CEO and founder Deborah Weinswig as saying in the study findings.

Who Else Will Be Impacted?

The retail sector's exposure to Chinese imports makes it among the most likely sectors to be impacted, but there are other industries that could suffer, CBS News reported.

The food and agribusiness sector could see lower sales from exports to China, which will be subject to a retaliatory tariff.

Tech giant Intel Corporation (NASDAQ: INTC) already cautioned investors its strong revenue in the second quarter could be a result of customers who "pulled in" orders.

Analyst Bearish On 2019 Holidays

Wells Fargo analyst Ike Boruchow said in a research report there are five reasons to hold a bearish stance on the retail sector ahead of the important 2019 shopping period, CNBC also reported.

1. Retailers continue to maintain their full-year guidance, but to match expectations, many need to see a "significant" acceleration in growth in the fourth quarter.

2. Compared to 2018, there are six fewer days between Thanksgiving and Christmas.

3. Inventory levels at retailers were healthy exiting 2018 but are now growing.

4. The strong U.S. dollar will likely limit visitors to the U.S. and lower associated tourism spending.

5. A warmer winter could hurt retailers that sell cold-weather items like jackets.

Related Links:

Apple Analyst Says It Remains 'Difficult To Handicap' New Tariffs

New Tariffs Appear To Have Apple, Caterpillar, Nvidia Under Pressure Early On


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Posted-In: CBS News China CNBC Coresight Research Ike Boruchow retailNews Media Best of Benzinga

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