Survey Finds Consumers Increasing Purchases Due to Inflation, Tariffs, and Pandemic Fears
AUSTIN, Texas , Feb. 27, 2025 /PRNewswire-PRWeb/ -- As economic uncertainty rises under the new administration, 1 in 5 Americans admit to "doom spending"—making excessive or impulsive purchases driven by fear and anxiety about the future, according to a new CreditCards.com survey of 2,000 U.S. adults.
Nineteen percent of respondents report they are buying more than usual, with 29% citing fear of Trump's tariffs as a major factor influencing their purchasing habits. Since November 2024, 28% of Americans have made a large purchase over $500, while 21% plan to do so soon. Electronics (39%), home appliances (31%), and home improvement materials (25%) are among the most common large purchases. Additionally, 17% of Americans have purchased a car in recent months.
"It's too soon to say precisely how the new tariffs imposed by President Trump are affecting consumer spending," says John Egan, credit cards, insurance, and personal finance expert contributor at CreditCards.com. "However, they very well could cause some consumers to rethink their buying habits, especially when it comes to major purchases."
Since November 2024, 22% of Americans have started stockpiling, and another 20% plan to begin soon. The most commonly hoarded items include non-perishable food (76%), toilet paper (72%), medical supplies (49%), and over-the-counter medications (44%). Additionally, 3 in 10 Americans say they are preparing for another pandemic by purchasing essential supplies in anticipation of future disruptions.
These habits are also pushing 34% of credit card users to take on more debt this year, with 23% expecting to worsen or go into credit card debt to finance purchases.
This survey was conducted online via Pollfish on February 13, 2025, with a total of 2,000 U.S. residents participating.
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Access the full report here: https://www.creditcards.com/statistics/1-in-5-americans-are-doom-spending/
Media Contact
Jennifer Miller, CreditCards.com, 000-0000, [email protected], CreditCards.com
SOURCE CreditCards.com
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