Consumers fearing price hikes from tariffs may be stocking up on pantry staples
CBSN
President Trump's reciprocal tariffs are currently on hold, but that's not stopping some consumers from stocking up canned foods and other nonperishables that they think could be affected by tariffs in the future.
In the days immediately following Mr. Trump's sweeping reciprocal tariff announcement on April 2, purchases of goods in shelf-stable categories, including canned and jarred vegetables, instant coffee, ketchup and beer rose from the week earlier, according to data from Consumer Edge, a provider of consumer spending insights. Consumer Edge analyzed physical receipts and other transaction data at a variety of retailers, including big-box stores, warehouse clubs and convenience stores, to track purchases by item type.
"We are seeing evidence of consumers picking up more items, potentially ahead of tariffs increasing pricing," Consumer Edge's head of insights, Michael Gunther, told CBS MoneyWatch. "We'll see if that continues."
