ATLANTA — U.S. consumer spending rose in March, according to new data from the Commerce Department, sparking concerns that some Americans, including Georgians may be rushing to make purchases ahead of looming price increases tied to newly announced tariffs.
While the full impact of the tariffs has not yet hit consumers, WSB consumer advisor Clark Howard says now is not the time to panic buy.
“This is the time for you to be ‘choosey’ on how you spend money, to save as much money as you can out of every paycheck,” Howard advised. He emphasized that consumers should distinguish between wants and needs when making purchasing decisions in the current economic climate.
Howard cautioned against unnecessary spending, especially on non-essential items. “If you just want something, don’t use this as an excuse to just spend money. It’s better saved or better used paying down your debts,” he said.
However, he noted that if there are essential items you’ve already been planning to buy, such as a car or major appliance, acting sooner rather than later could be beneficial.
“If your vehicle has become less and less reliable, if you were thinking of buying a vehicle later this year, buying it now, pre-tariff would be a good idea,” Howard explained.
While spending habits appear to have shifted in anticipation of future price hikes, experts say the best course of action for consumers is to remain calm, plan carefully, and prioritize financial stability over impulse buying.
WSBs Ashley Simmons contributed to this story