Economic data has validated anecdotal reports: Some panicked consumers are hurrying to buy big-ticket items like cars, electronics, and appliances to beat potential price hikes from looming U.S.
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| Economic data has validated anecdotal reports: Some panicked consumers are hurrying to buy big-ticket items like cars, electronics, and appliances to beat potential price hikes from looming U.S. import tariffs. Mark Niquette and Augusta Saraiva for Bloomberg News:
US retail sales surged 1.4% in March from the previous month, the biggest jump in more than two years. Auto purchases led the advance with a 5.3% increase as buyers sought to dodge President Donald Trump’s 25% tariffs on finished vehicles, which he unveiled late in the month. Categories like building materials, sporting goods and electronics that are often imported from China also rose. The report from the Commerce Department, combined with comments from top bank executives this week about resilient consumers who are continuing to spend, backs up the idea that concern about tariffs helped spur a shopping frenzy that is boosting economic activity. The March data capture spending before Trump announced and subsequently paused high tariffs on nations across the world, and before he hiked levies on most Chinese goods to 145%. But the report offers insight on consumers’ mindset at a time of high uncertainty about future prices.
MacDailyNews Note: Last weekend, Apple’s sales reportedly surged Saturday due to fears of tariff-induced price hikes.
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