American consumers, visibly affected by the pandemic and rising inflation, are adjusting their spending habits amid economic uncertainties, notably influenced by President Donald Trump’s tariff policy, according to findings from KPMG’s latest American Perspectives survey. Conducted with 2,500 adults between April 3 and April 23, the survey assessed personal financial situations and adaptive strategies in response to changing economic dynamics, including escalating tariffs and advancements in generative artificial intelligence (GenAI).
The survey was conducted shortly after Trump’s announcement of new tariffs and before a recent easing of tensions in the U.S.-China trade relationship. Respondents expressed a desire to curtail major purchases and minimize debt accumulation. Approximately 68% of participants reported a reluctance to take on additional credit, with 43% indicating plans to postpone car purchases as a direct response to tariffs. Moreover, 70% intended to switch to ad-supported television as a more budget-friendly alternative to premium streaming services.
Matt Kramer, KPMG’s U.S. products line leader, noted that consumers are increasingly proactive in managing their finances. He mentioned that the experience of the pandemic appears to be fostering quicker adaptations to spending habits compared to past economic downturns.
In addition to financial considerations, the survey highlighted a growing influence of GenAI in daily life, with 45% of respondents acknowledging its significant impact on both their personal and professional realms. Attitudes toward higher education have also evolved, with half of those surveyed believing that a degree is no longer necessary for securing a well-paying job, pointing to a shift towards valuing apprenticeship and technical training as viable pathways to career success.
These findings reflect a noteworthy trend in consumer behavior and workforce development, indicating a move towards financial prudence and adaptation to technological advancements. As individuals prioritize savings and reevaluate their career paths, there lies hope for a more resilient economy driven by well-informed consumer choices and a focus on practical skill acquisition.