No one spends like Americans.
Could U.S. President Donald Trump change that with his tariffs regime?
By leaps and bounds, the U.S. is by far the world's largest consumer market totaling $19 trillion annually, according to federal data.
America has 4% of the world's population but more than 31% of consumer spending, according to the World Bank. Consumers account for two-thirds of the behemoth U.S. economy.
Trump is an unlikely messenger for a pullback on Americans' vociferous consumer appetites.
Trump has long been a standard bearer for American capitalism; marketing and hawking everything from Bibles, watches and vodka to sneakers, ball caps and golf gear to his MAGA aficionados. The Trump Organization's hotels and golf courses depend on tourism and spending by the affluent.
But his tariffs aimed at bringing back manufacturing to post World War II levels in the U.S. and to 'Buy American' could also raise prices and reduce supplies of globally sourced consumer goods such as toys, clothing, footwear and jewelry.
Trump has quipped that Americans might not miss some imported items, especially from China which currently sees a 145% tariff from Trump on most goods.
"You know, somebody said, 'Oh, the shelves are going to be open,'" Trump said, from the White House last month. "Well, maybe the children will have two dolls instead of 30 dolls. So maybe the two dolls will cost a couple bucks more than they would normally."
Trump followed that up during an NBC interview alluding to American consumerism.
"I'm just saying they don't need to have 30 dolls. They can have three. They don't need to have 250 pencils. They can have five," Trump said.
A pullback of U.S. consumer spending would be a sea change for hosts of industries and supply chains.
The U.S. accounts for 3% of the world's kids.
But America buys 40% of the world's toys (most of which are manufactured in China).
That's just the tip of America's ravenous consumer appetite.
Pick a consumer category -- cars, boats, cosmetics, wine, fragrances -- and the U.S. is likely the largest market globally.
The next closest overall consumer market is China at $7 trillion despite having more than four times the population as the U.S.
American consumer spending has been insatiable and almost limitless compared to the rest of the world.
Trump's tariffs regime -- and current trade war with China -- has already dampened consumer confidence.
The Conference Board and University of Michigan have both reported significant dips on consumer sentiment since Trump took office and announced his tariffs aimed at bolstering U.S. manufacturing and settling past inequitable trade scores.
The former's consumer gauge shows expectations at a 13-year low.
"Consumer confidence has deteriorated in the early months of 2025," said Piyush Puri, founding partner of Mercurius Media Capital (MMC), a California-based consulting firm.
Puri said there is "pervasive pessimism" about jobs, income and financial situation in sentiment surveys. "At the same time household debt is at record highs," Puri said.
The New York Federal Reserve Bank reports American household debt sits at a record $18 trillion. That is up from $14 trillion at the end of 2019 before the COVID-19 pandemic and its ensuing inflation wave.
Puri said he can see consumers putting off bigger purchases -- such as cars which face 25% levies for imported vehicles and auto parts -- and turn to bargain brands for everyday items.
Deidre Popovich, a business professor at Texas Tech University, also sees consumers bargain hunting and comparing prices.
But she doesn't foresee a marked, societal pullback from American consumerism.
"It's tempting to think that tariffs will 'reset' American overconsumption but behaviorally, that's unlikely. U.S. consumer culture is built on habit loops, emotional spending, and identity-driven purchases," Popovich said. "Tariffs may change what people buy, or where they shop, but the general desire to consume isn't going anywhere."
She said consumers at large are displaying "financial dissonance."
"This behavior reflects deeply ingrained consumption habits along with a psychological response to stress," she said, noting continued U.S. consumer spending despite record debt loads and economic skepticism before and after Trump's election. "More specifically, when people feel anxious or uncertain, spending can become a way to assert control or maintain a sense of normalcy."
But others see potential for "new normals" with shopping, especially from more cash-strapped households, as Trump persists with his tariffs and other countries respond with their own levies.
Some Americans could also potentially awaken to spending habits and how many material things they actually need.
George Carrillo, CEO of the Hispanic Construction Council advocacy group, said if tariffs result in higher prices, slower growth or both (i.e. stagflations) that could "influence more conscious consumption habits, as shoppers weigh the necessity of every purchase."
"While America's role as a global consumer powerhouse isn't disappearing overnight, tariffs and mounting financial strain are undoubtedly nudging long-standing behaviors in a new direction," he said.
Consumers, especially working class and middle income households are already stretched with prices up 24% overall since February 2020 and before the COVID-19 pandemic and its ensuing inflation wave.
Consumer watchdog Michael Podolsky said American shoppers have already been frustrated by price hikes following Trump's tariffs announcement and the "lack of transparency" regarding pricing in general.
"Skepticism toward brands is growing among shoppers, with some believing companies are using price hikes as an opportunity rather than a necessity," said Podolsky, CEO and co-founder of PissedConsumer.com.
Trump personally called Amazon chairman Jeff Bezos last month to complain about a report the e-commerce giant could list tariff costs next to some prices. Amazon said the disclosure idea was just being considered and would not come to fruition.
"The instances with price increases due to tariffs may soon lead to heightened public frustration as well as continue reshaping purchasing habits, with more consumers refusing the products affected by tariffs," Podolsky said. "Some shoppers report that they have already delayed purchases or canceled services altogether."
Trump was elected, in part, due to voters' frustrations with high, post-pandemic prices during the Biden administration.
Trump contends inflation has cooled, including with gas prices averaging $3.15 per gallon (down 13% from a year ago), according to AAA.
But Puri said if product categories and store shelves have fewer options, that will allow the remaining product makers, including from the U.S., to potentially raise prices with less competition.
Carrillo said Trump's trade pushes have thrown consumers and small businesses for a loop.
"The president initially promised relief from rising costs, but tariffs have taken us on a roller-coaster ride, forcing Americans to adjust to the reality of higher prices while being asked to 'stay patient,'" Carrillo said. "Adding to the frustration, the administration has shown resistance to companies like Amazon making the impacts of tariffs more transparent to consumers."