5 key stats on tariffs: Retail ad budgets, fast-food restaurants could be hit hardest

Retailers are feeling the ripple effects of new tariffs as consumers brace for higher prices. While some shoppers accept the trade-off, many are already adjusting their habits—from cutting back on fast food to seeking out deals. To stay competitive, brands must focus on value, transparency, and smart messaging.

Here are five key stats on how tariffs are shaking things up.

Key stat: 70% of US adults believe tariffs on imported goods will lead to higher prices on food, electronics, and other goods, according to February 2025 data from Ipsos.

• 43% of adults have already seen prices increasing due to tariffs.
• Still, 37% believe even if prices do increase, it’s worth it to get what we want as a country. 32% believe it's fair for companies to pass tariff costs along to shoppers in the form of higher prices.

What it means: Not everyone is anti-tariff. Retailers should be transparent about price increases and focus on messaging that emphasizes value.

Key stat: 41.4% of US consumers will look for sales or coupons to offset price increases, the top change consumers anticipate making due to tariffs, according to February 2025 data from Numerator.

• 30.5% of consumers will buy fewer imported goods, while 26.1% will switch to US-made alternatives.
• Nearly one in 10 (9.4%) don’t expect to make any changes to their finances or shopping behaviors in response to tariffs.

What it means: Instead of competing on price alone, which can be difficult for some smaller players, retailers should focus on delivering the right deal at the right time and promoting US-made products when possible.

Key stat: 50% of US adults are likely to cut back on fast-food if tariffs lead to higher prices, according to February 2025 data from CivicScience.

• Fast casual (46%) and full-service (46%) are also on the chopping block.
• 71% of US consumers making less than $30,000 a year consider fast food to be a luxury, compared with just 31% of consumers with household incomes over $100,000 a year, according to April 2024 data from LendingTree.

What it means: The entire restaurant industry is likely to suffer as tariffs put more pressure on consumer dollars. Fast-food restaurants, in particular, are going to have to prove their value to consumers if they want to protect their share of sales.

Key stat: Nearly half (49%) of C-level executives believe trade restrictions/tariffs on non-tech products will negatively impact their business in 2025, while 47% say the same about trade restrictions/tariffs on tech-related products, according to a January 2025 survey by Wall Street Journal Intelligence.

• 30% of CFOs worldwide expect to pass along 91% to 100% of tariff increases to customers, according to March 2025 data from Gartner.
• However, nearly as many (29%) anticipate passing on less than 10%.

What it means: Executives are bracing for the negative impacts of tariffs. There’s going to be a period of trial-and-error as brands figure out how to balance increasing costs with consumer price sensitivity.

Key stat: 40% of US advertisers are expecting retail/ecommerce ad budgets to be cut due to tariffs, according to a February 2025 survey from the Interactive Advertising Bureau.

• Advertisers also expect consumer electronics (33%), media and entertainment (28%), and automotive (26%) ad budgets to be cut as well.
• 60% of advertisers expect ad budgets to shrink 6% to 10% due to tariff related pressures, per the IAB.

What it means: As brands grapple with higher costs and cautious consumers, cutting ad budgets may be an early lever to pull. Because of this, there may be more pressure put on performance-based tactics and channels.

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