Preparing for Cost Increases Due to Tariff Rises: What Items Are You Stockpiling?
In the ever-evolving landscape of consumer goods, the recent implementation of tariffs has sparked a wave of price increases, particularly in the tech sector and niche DIY hobbies.
Raymond Wong, Senior Editor of Consumer Tech at Gizmodo, is among those expressing concerns. Wong, who is considering purchasing Game Boy modding kits from FunnyPlaying, fears that these items may become too expensive due to potential tariffs. The same anxiety is shared by Sabina Graves, io9 Staff Reporter, who is concerned about the sustainability of small businesses selling specific, small-batch products.
The uncertainty of resources due to tariffs is indeed stressful, as Graves mentions. This sentiment is echoed by consumers nationwide, who are experiencing increased prices on various goods, including tech items. For instance, the price of DJI's Osmo Pocket 3 vlogging camera has increased by over 50%.
Microsoft has raised the price of Xbox Series S and X consoles by $100, a move that, while not directly linked to tariffs, is indicative of the broader trend of price hikes. Game prices have been jacked up to $80 due to tariffs, a substantial increase that has prompted some consumers to buy retro handhelds before the prices rise.
Kyle Barr, Consumer Tech Reporter, bought retro handhelds in early April before the price increases, a smart move in the current climate of uncertainty. However, not everyone has been so fortunate. The end of de minimis exemptions on low-value imports from China and lingering 145% tariffs on Chinese goods will make these devices cost more.
The POTUS has imposed higher tariffs on imported goods, particularly on goods from China with tariffs as high as 145%. This move, as Trump referred to it, is not making Americans rich. Instead, it is leading to a notable increase in consumer prices for imported goods.
The long-term outlook suggests sustained elevated prices, though some substitution and supply chain adjustments may slightly mitigate hike severity over time. For instance, categories like clothing, textiles, and leather goods have shown short-run price increases of 21-39%, stabilizing somewhat long-term but remaining substantially higher (11-19%). This suggests that specialized hobby goods may see similar substantial price impacts if covered by tariffs.
In response to this situation, some consumers are choosing to buy early. Sabina Graves, io9 Staff Reporter, has preemptively bought party supplies for her daughter's first birthday in August, as well as Japanese sunscreens to stock up. She also suggests doing holiday, birthday, or anniversary shopping early due to the uncertainty of tariffs.
As the situation unfolds, it is clear that the impact of tariffs on consumer goods prices is significant. Consumers are advised to stay informed and plan accordingly, considering the potential for continued price increases in the tech and niche DIY sectors.
- Raymond Wong, Senior Editor of Consumer Tech at Gizmodo, is worried that Game Boy modding kits from FunnyPlaying might become too expensive due to potential tariffs.
- The price of DJI's Osmo Pocket 3 vlogging camera has increased by over 50% due to tariffs, causing concern among consumers.
- Microsoft has raised the price of Xbox Series S and X consoles by $100, an indirect result of the broader trend of price hikes due to tariffs.
- Kyle Barr, Consumer Tech Reporter, made a smart move by buying retro handhelds in early April before the price increases, as the end of de minimis exemptions and lingering 145% tariffs on Chinese goods will make these devices cost more.
- Consumers are advised to stay informed and plan ahead, considering the potential for continued price increases in the tech and niche DIY sectors amidst the uncertainty of tariffs, as suggested by Sabina Graves, io9 Staff Reporter.
