The trend: Companies are beginning to feel the sting of anti-US boycotts.

• Mall operator Simon Property Group said that traffic at malls on both the northern and southern border of the US is weaker than in other areas of the country—which is notable given that visits typically increase when the dollar is weaker.
• Sales of US spirits have plunged in Canada after several provincial governments pulled US brands from shelves to protest tariffs—bolstered by a growing “Buy Canadian” campaign.

Goodwill wears thin: Anti-US sentiment is especially visible in Canada, where consumers are directing more spending to local retailers and brands—and making fewer visits south of the border.

• Canadian Tire has “no doubt that patriotic purchasing is real and working in our favor,” CEO Gregory Huber Hicks said, following a strong Q2 in which comparable sales for its retail business rose 6.4%.
• Canadian grocer Loblaw has found that sales of US-sourced products—denoted in stores with a “T”—have dropped 15% to 20% on average, with some items down nearly 50%, CEO Per Bank said in a July LinkedIn post. Meanwhile, sales of Canadian-made products have risen.

Those habits are likely to stick while tariffs remain in place: 3 in 5 Canadians report buying more local products due to tariffs and trade uncertainty, while 63% are spending less on US goods, per the July Bank of Canada Canadian Survey of Consumer Expectations (CSCE).

US travel allure dims: Patriotic sentiment is also hitting the US hospitality industry. Anger over tariffs is prompting Canadians to cut travel spending to the US or seek other destinations.

• The number of return trips by Canadian residents by car from the US fell 36.9% YoY in July, per Statistics Canada—the seventh straight month of declines.
• More than half—55%—of Canadian households plan to spend less on US travel, per the CSCE, which is a blow given Canadians accounted for over one-quarter of US tourists in 2024 and generated $20.5 billion.

Canadians are not only vacationing less in the US; they are also skipping duty-free shopping and cheaper gas trips—despite favorable exchange rates.

The big picture: While Canadians are using boycotts to push back against US trade policy, there are few signs elsewhere that anti-American sentiment is driving shoppers away from US brands.

• Ralph Lauren, a symbol of Americana, has “no concerns” about the trend, CEO Patrice Louvet said in May. In fact, in its most recent quarter, Ralph Lauren’s strongest sales increases were outside the US.
• McDonald’s CEO Chris Kempczinski reported no hit to sales or brand sentiment in Q1 despite more consumers signaling boycott intentions.

Still, the hospitality industry is most at risk. Anger over US trade tactics and border policies could cost businesses up to $12.5 billion this year as foreign visitors steer clear.