US holiday shopping costs could increase by more than $40 billion due to tariffs

VTV.vn - Holiday shopping costs in the US could increase by $40.6 billion due to the impact of new tariffs, causing each consumer to spend an average of $132 more.

Consumers shop at a supermarket in California, USA. Photo: THX/TTXVN

LendingTree, a financial services company that operates the leading online lending platform in the US, warned that consumers' wallets in the Land of the Stars and Stripes will be lighter this holiday season due to President Donald Trump's tariffs.

November 2 marks six months since President Trump announced the “Liberation Day” tariffs. Prices for some food and consumer goods increased following the announcement, and consumers will continue to feel the impact of the tariffs as holiday items that have been sitting in warehouses for months finally hit store shelves.

LendingTree used 2024 winter holiday spending data as the basis for its analysis of the upcoming holiday season. The firm estimates that the new tariffs will increase total holiday costs for consumers and retailers by $40.6 billion. Of that, consumers will bear the bulk of the additional costs, an estimated $28.6 billion, or about $132 per shopper. Retailers are expected to bear the remaining $12 billion in costs from the tariffs.

“For most Americans, spending an extra $132 on the holidays is significant,” said Matt Schulz, a consumer finance analyst at LendingTree. “While it may not seem like a huge amount, it could have a real impact on many families and could cause people to cut back on gifts this year or take on more debt.”

Retail analysts say consumers will buy fewer goods this holiday season due to increased costs from tariffs, with analyst Schulz calling it an “unfortunate reality” many consumers will have to face.

LendingTree estimates that holiday electronics shoppers will be hit hardest by tariffs, with an average additional cost of $186 per person, followed by clothing or accessories, which will cost an average of $82 per person. Buyers of personal care items, cosmetics, and toys will pay an average of $14 per person, while food and candy will see a $12 per person increase due to tariffs.

Source: https://vtv.vn/chi-phi-mua-sam-dip-le-o-my-co-the-tang-hon-40-ty-usd-do-thue-quan-100251103091830792.htm