3 Things You Shouldn’t Panic Buy in Anticipation of Tariff Price Hikes
Joe Adamski, Senior Director at ProcureAbility, was recently featured in an article by GOBankingRates offering expert insight on which goods consumers should avoid panic buying. As concerns over tariffs continue to influence consumer behavior, many Americans are rethinking their spending habits and making more intentional purchasing decisions. Read the full article below:
As tariffs take effect, it’s likely that the cost of many goods will tick upwards — and most Americans are changing their shopping habits in anticipation. A recent survey conducted by Bid-On-Equipment found that 67% of Americans plan to change their shopping habits as a result of tariffs, with over 10% saying that they are stockpiling products over potential tariff concerns.
However, panic-buying items to avoid tariff price hikes isn’t always the best financial decision. Here’s a look at the things you shouldn’t preemptively buy due to tariffs.
Flour, Sugar and Corn Meal
While some pantry staples are largely imported and therefore could be subject to price hikes, there’s no reason to stockpile food items that are produced domestically.
“Imported pantry items that can be stored and kept fresh are good candidates for advance purchase, [but] things that are largely produced domestically — things like flour, sugar, corn meal or other domestically produced grains — should not be,” said Joe Adamski, supply chain expert and senior director at ProcureAblility.
Fast-Fashion Clothing Items
Buying cheap clothes you don’t need isn’t a wise financial decision — even if those items will be more expensive in the future. “Fast-fashion and other seasonal items should probably be avoided unless you were already planning on making those purchases,” Adamski said.
Unnecessary Big-Ticket Items
Don’t make large purchases you don’t need or can’t afford just out of fear that prices will go up.
“Impulse buying of expensive consumer goods should be avoided,” Adamski said. “However, if you were planning to get a new cellphone, electronics, appliances or other durable goods, most all of which is imported, it is likely a better bet to buy them now versus waiting.”
Read the full article on GOBankingRates.
About Joe Adamski
Joe Adamski has more than 12 years of advisory and consulting experience centered on strategic procurement and large-scale transformations. He has deep experience in launching and executing programs focused on strategic sourcing, supply chain, procurement strategy, organizational design, and transformations.
Earlier in his career, Joe was an Air Force pilot before joining A.T. Kearney in their consumer practice. He has consulted with numerous Fortune 500 companies in a variety of industries, including utilities, CPGs, grocery, retail, telecom, apparel, food and beverage, and government.
Joe holds a B.S. degree in Physics from the United States Air Force Academy and an MBA from Emory University’s Goizueta Business School. He enjoys boating, hiking, and spending time in the outdoors.
About ProcureAbility
ProcureAbility, a Jabil company, is the leading provider of procurement services, offering advisory, managed services, digital, staffing, and recruiting solutions. For nearly 30 years, we have focused exclusively on helping clients elevate their procurement function.
We combine leading methodologies, analytics, market intelligence, and industry benchmarks with our uniquely flexible and customizable service delivery model. Global organizations of all sizes trust ProcureAbility to transform their procurement operations, drive growth, and reimagine what’s possible.
Let ProcureAbility help you reimagine your procurement capabilities.
Media contact:
Kathleen M. Pomento
Chief Marketing Officer | ProcureAbility
kpomento@procureability.com
