The news: Spirit Halloween canceled its annual kickoff event due to “international disruptions and supply chain challenges,” it said in a social media post. Our take: While the retailer did not directly cite tariffs, it is the latest warning sign that President Donald Trump’s “Liberation Day” duties could result in emptier shelves during key shopping seasons.

29.5% of consumers say tariff-fueled price hikes would immediately impact their buying habits, and only 2.3% say their buying habits wouldn’t be impacted at all by price, according to a February 2025 Omnisend survey.

The insight: The gap between Target and its mass merchant competitors Amazon and Walmart is widening. While Amazon and Walmart are consolidating their grip on consumer spending after investments in value and convenience, Target’s largely discretionary assortment and diversity, equity, and inclusion (DEI) controversies are sharply curbing its appeal. Our take: Shoppers are prioritizing necessities over discretionary goods and favoring retailers that offer value and convenience.

Dollar General benefits from “trade-in” behavior among wealthier shoppers: The retailer boosted its outlook as discretionary spending from higher-income consumers offset lower-income caution.

This follows a longer-term strategy of focusing its operations.

Chinese consumers’ travel spending softened during a recent holiday: That’s a clear sign that confidence is strained due to trade tensions with the US.

Travel demand is becoming harder to predict: Consumers are waiting until the last moment to make plans as uncertainty complicates spending decisions.

Shifting policies erode consumer spending bit by bit: Looser bank fee rules, weakening appliance and insurance standards, and rising tariffs all combine to strain household budgets.

72% of trade professionals worldwide are changing or considering changing their sourcing patterns to better manage potential tariffs, according to March 2025 data from Thomson Reuters.

Best Buy will stick to its tariff playbook despite court rulings: The retailer is doing its best to ignore the noise and focus on how best to serve its customers.

US total media ad spending could fall to $394 billion in 2025 under a heavy tariff scenario, wiping out projected gains for the year, per our April 2025 forecast.

Abercrombie & Fitch opts not to stock up on inventory despite tariff risks: The retailer is staying lean in order to chase trends and maximize full-price sales.

Capri eyes recovery with Michael Kors and Jimmy Choo: Quarterly revenue decline is smaller than expected, but challenges could complicate rebound efforts.

With origins in performance advertising and a focus on efficiency, retail media is likely to remain resilient, even amid an economic upheaval exacerbated by US tariffs. However, impacts won’t be evenly felt, leaving some players better positioned to withstand headwinds.

Tariffs overshadow Macy’s turnaround progress: Sales fell less than expected on strength at Bloomingdale’s and Bluemercury, but pressures on discretionary spending could add to department store headwinds.

48% of US adults want brands to be clear and thorough about price increases, explaining the reasons, including tariffs, according to March 2025 data from Collage Group.

Temu parent PDD’s profits fell 47% in Q1 as global and domestic challenges pile up: The company’s operating model is ill-equipped for today’s protectionist trade policies.

On today’s podcast episode, we discuss the potential of Amazon’s new Buy for Me feature, which of its new CTV ads will make the biggest impact, and how much tariffs might slow down the online shopping giant. Join Senior Director of Podcasts and host Marcus Johnson, Senior Director of Briefings Jeremy Goldman, and Analyst Rachel Wolff. Listen everywhere and watch on YouTube and Spotify.

The auto industry joins shift to performance-driven channels: Marketers are pulling away from traditional media like TV as tariff pressures mount.