An ECB Economic Bulletin article revealed that Eurozone consumers are already adjusting their spending patterns in anticipation of US tariffs. The survey showed that 26% of respondents have shifted away from American products, while 16% reported reducing overall spending.
The ECB noted differences across income groups: high-income households were more likely to substitute away from U.S. goods, while lower-income households leaned toward cutting total spending. Most of these reductions have been concentrated in discretionary purchases, with necessities largely shielded.
Beyond current spending patterns, the ECB warned that households are also revising their inflation expectations higher, including longer-term views. That suggests consumers see tariff-related price pressures as more than transitory.
