Majority of Americans Say Tariffs Will Hurt Economy and Wallets

Survey finds growing bipartisan concern as price increases hit groceries, clothing, and everyday spending

NEW YORK, June 18, 2025 /PRNewswire/ -- As Americans head into the Fourth of July holiday, a national survey from marketing research firm Savanta reveals growing anxiety about the financial fallout of rising tariffs. The data shows that many are already changing how they shop, spend, and celebrate.

Most Americans expect tariffs to hurt the economy and their wallets. Many are cutting back ahead of July 4th holiday.

"What was a policy debate in D.C. is now a budgeting issue in households across the country," said Kyle Gollins, Head of Commercial, Americas at Savanta. "And with a majority of Americans (56%) saying they have a moderate or strong understanding of current U.S. tariff policies, the concern isn't just reactionary, but rooted in awareness."

According to the poll, more than half of Americans (54%) believe U.S. tariffs will hurt the economy. While overall concern is high, views on tariffs are divided along party lines:

• 73% of Democrats and 55% of Independents agree
• Only 33% of Republicans say the same

But it's not just about the economy at large, people are feeling it at home:

• 2 in 5 Americans (43%) say tariffs will hurt their wallets
• 1 in 3 (35%) view tariffs as a hidden tax on consumers
• 48% expect tariffs to increase over the next year

And it's already changing behavior. A majority of Americans are adjusting how they shop:

• 71% have changed or are considering changing their purchase decisions due to increased prices
• 61% have switched to cheaper brands in recent months

"Americans are adapting in quiet but meaningful ways," said Jennifer Kim, research analyst at Savanta. "They're buying less, trading down, and expecting things to get worse before they get better."

Tariffs Are Shaping Consumer Behavior

• 66% have noticed price increases on groceries, and 42% on clothing in the past six months
• Nearly 8 in 10 Americans (77%) expect tariffs to impact their household finances over the next 12 months
• Almost 2 in 3 Americans (64%) report feeling somewhat or extremely stressed about their financial situation, with Democrats (71%) significantly more stressed than Republicans (59%)

4th of July Celebrations Reflect Economic Tensions

Although the Fourth of July typically brings people together, this year's celebrations appear more subdued, offering further evidence of rising financial pressure.

• 27% of Americans are traveling less than last year, and 71% plan to spend under $250 over the holiday
• A large portion of travelers (37%) will stay with friends or family
• Despite retail promotions, 54% say they are not influenced by Fourth of July sales
• About 2 in 3 Americans (67%) feel somewhat or extremely patriotic about the 4th of July, with Republicans (83%) significantly more patriotic than Democrats (55%)

Despite political divides and economic pressure, one thing brings Americans together this Fourth of July: burgers. Across party lines, Democrats, Republicans, and Independents all agree - burgers are the top pick for holiday food.

About Savanta
Savanta is a data, market research, and advisory company. We inform and inspire our clients through powerful data, empowering technology, and high-impact consulting.

Survey Methodology
The poll conducted by Savanta had a sample size of n=1,000 U.S. adults aged 18+ and was conducted from June 13-14, 2025. The margin of error is +/- 3% per 1,000 completes.

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SOURCE Savanta Group LLC