Economic Uncertainty Signals a More Frugal Summer Ahead, July 2025

Top Economic Concerns

• Among U.S. adults, the most cited economic issues are:
  • Inflation (42%)
  • Tariffs (22%)
  • Housing costs (13%)
  • Job security (8%)
  • Interest rates (6%)
  • Stock market volatility (6%)

Perceptions of Tariffs

• 81% of Americans are very concerned (39%) or somewhat concerned (41%) about the impact of tariffs on their personal finances.
  • Consensus exists, regardless of generation. 83% of Gen Z, 83% of Millennials, 82% of Gen X, and 75% of Baby Boomers and the Silent/Greatest generation are somewhat concerned or very concerned about the impact of tariffs on their finances.
• 60% of Americans believe tariffs will have a negative impact on the national economy:
  • 33% of U.S. adults say tariffs will have a very negative impact, and 27% report they will have a somewhat negative impact.

Impact of Tariffs

• Understanding of the impact of tariffs on everyday prices:
  • 39% of Americans believe they have a good understanding of the impact of tariffs on prices, and a plurality (41%) believe they have a rough idea.
  • A gender gap exists. 47% of men, compared with 32% of women, believe they have a good understanding of how tariffs impact prices.
• Impact of tariffs on purchasing behaviors (Respondents could select more than one answer. Percentages will not total 100%):
  • Due to the recent tariffs, 45% of Americans selected “shopping around for the best deals when making purchases.”
  • 34% of Americans selected “holding off on large purchases.”
  • These are followed by:
    • Shopping more from discount/big box stores (28%)
    • Supporting small businesses more often (20%)
    • Buying more now in anticipation of higher prices coming (17%)
    • Buying in bulk (16%)
    • 19% report they have not changed their purchasing behavior due to tariffs.

Impact of Economic Uncertainty

• For many Americans, economic uncertainty has led to (Respondents could select more than one answer. Percentages will not total 100%):
  • Eating out less (52%)
  • Spending less on clothing (48%)
  • Cutting back on traveling (39%)
  • Attending fewer social events (32%)
• 25% of Americans report not changing their spending habits due to economic uncertainty.
• When looking to cut back or hold off on purchasing, Americans selected (Respondents could select more than one answer. Percentages will not total 100%):
  • Entertainment (48%)
  • Clothing (45%)
  • Technology (39%)
  • Furniture/Appliances (37%)
  • Car/Other transportation (30%)
  • Toys and games (29%)
  • Groceries and household supplies (28%)
  • Beauty and wellness (28%)
• 18% of Americans report not cutting back or holding off on any purchases.

Sources of Financial News

• Americans rely on various sources for news to receive information about the economy and financial markets, but their main sources are:
  • Television (30%)
  • Social media (23%)
  • Financial news websites (16%)
  • Financial advisors (9%)
  • Friends/Family/Colleagues (8%)
  • Newspapers/Magazines (7%)
  • Radio/Podcasts (5%)
• Generationally, younger Americans (Gen Z: 41% and Millennials: 31%) are more likely to cite social media as their main source for financial and economic news, whereas older generations (Gen X: 32% and Baby Boomers/Silent/Greatest: 48%) are more likely to report getting this type of news from television.

Methodology

This survey of 2,011 adults was conducted May 28th through May 31st, 2025 by the Marist Poll sponsored in partnership with Yahoo! Finance. Adults 18 years of age and older residing in the United States were contacted through online web surveys. Results for all adults (n=2,011) are statistically significant within ±2.4 percentage points.