Dive Brief:
- About 46% of consumers are concerned about rising fashion and clothing prices in the wake of tariffs, according to a report from Wunderkind.
- More than half of consumers are willing to switch brands due to pricing. However, only 46% said they would remain loyal to brands, even when offered perks, clear pricing and availability updates.
- The shift gives challenger brands the opportunity to win over customers with competitive pricing and reliable delivery options, per Wunderkind.
Dive Insight:
About 91% of surveyed customers said they were aware of impending tariffs, which Wunderkind said is a signal that economic shifts and uncertainty are firmly on the public radar. Brands can’t afford to ignore tariff-related concerns when it comes to messaging, according to the analytics firm.
Wunderkind’s report found that 23% of respondents have already begun cutting back on nonessential goods, and 21% of Gen Z respondents said they were actively switching retailers and seeking lower prices.
Looking ahead, consumers said they’re planning to cut their spending during the summer and holiday seasons, with 37% saying they would reduce their overall spend. Thirty-two percent said they would focus only on essentials, while 42% said they’d look for discounts.
Similarly, 56% of customers are willing to wait longer for a product if the price is right, with 61% of millennials and 69% of Gen Z reporting this.
Against this backdrop, the report also found that customers are receptive to marketing messages, as long as there is value to gain.
About 43% of shoppers said they were willing to opt into email and text message marketing in exchange for better prices or early access to deals. This sentiment is even stronger within Gen Z, with 54% saying they’d be open to this kind of strategy.
Wunderkind’s data is based on a survey of more than 300 U.S. consumers, collected between April 14 and 16. Wunderkind said in the report that it plans to conduct similar polls about consumer sentiment as news around tariffs persists.
