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AUSTIN – A new report by CreditCards.com reveals how economic factors and uncertainty since President Donald Trump took office have influenced American consumer spending habits. The survey highlights key trends, including increased purchasing driven by tariffs, stockpiling behaviors, and a rise in "doom spending."
Key findings:
- 1 in 5 Americans report spending more than usual, largely due to Trump’s tariffs.
- 3 in 10 Americans are purchasing items in preparation for another pandemic.
- 42% of Americans have stockpiled or plan to stockpile essentials, mainly food and toilet paper.
- 1 in 4 Americans have made large purchases since November 2024, citing concerns over tariffs.
- 1 in 5 Americans admit to "doom spending," buying impulsively due to economic fears.
- 23% of Americans expect to go into or worsen credit card debt this year.
Almost 19% of Americans indicate they have been purchasing more than usual, with 29% linking this behavior to worries about Trump’s tariffs. Additionally, 37% state that tariffs have influenced their buying choices.
Since November 2024, 28% of Americans have made significant purchases exceeding $500, primarily in categories such as electronics (39%), home appliances (31%), and home improvement supplies (25%). Of these shoppers, 55% capitalized on holiday discounts.
Concerns over tariffs have influenced purchasing decisions:
- 22% say tariffs had a significant impact on their buying choices.
- 30% report some impact, while 26% feel no effect.
"Researchers at S&P Global estimate the new tariffs could trigger a one-time increase of 0.5% to 0.7% in U.S. consumer prices, assuming the tariffs remain in effect through 2025," says John Egan, credit cards, insurance and personal finance expert contributor for CreditCards.com. "But it’s too soon to say precisely how the new tariffs imposed by President Trump are affecting consumer spending. However, they very well could cause some consumers to rethink their buying habits, especially when it comes to major purchases."
Over 40% of Americans (42%) have begun or intend to stockpile, primarily focusing on non-perishable foods (76%) and toilet paper (72%). Medical supplies (49%) and over-the-counter medications (44%) are also frequently included in these hoarding efforts.
About one in five Americans identify their recent spending habits as "doom spending," purchasing impulsively due to fears about the future. Experts warn that this behavior could lead to overspending and increased debt.
"One of the drawbacks of doom spending is that it could prompt you to overspend and strain your budget," says Egan. "In addition, doom spending might lead you to pile up credit card debt, which could put you in a financial hole due to interest charges and fees."
As costs rise and credit dependence grows, 34% of credit card users indicate they may incur more debt this year for essential purchases.
"Accumulating or adding to credit card debt is not a good idea at any time, unless you can fully pay off balances each month and avoid interest charges," says Egan. "Your best bet is to use cash for big and small purchases whenever possible. Or you can look for 0% financing when making a big purchase, allowing you to avoid interest charges as long as you pay off the balance within a certain period of time."
The CreditCards.com survey, conducted on February 13, 2025, via Pollfish, polled 2,000 U.S. residents to assess their spending behaviors amid economic uncertainty.
