{"id":689,"date":"2025-02-24T21:32:21","date_gmt":"2025-02-24T21:32:21","guid":{"rendered":"https:\/\/lightingnewsnow.com\/?p=689"},"modified":"2025-02-26T14:24:25","modified_gmt":"2025-02-26T14:24:25","slug":"how-doom-spending-can-boost-lighting-sales","status":"publish","type":"post","link":"https:\/\/lightingnewsnow.com\/?p=689","title":{"rendered":"How Doom Spending Can Boost Lighting Sales"},"content":{"rendered":"\n

Results from a February survey of 2,000 American consumers released last week from CreditCards.com<\/a> estimated one in five people are \u201cdoom spending\u201d \u2014 meaning, they are spending more than usual ahead of the upcoming tariffs affecting goods imported from China, Mexico, and Canada.<\/p>\n\n\n\n

Roughly 19% of survey respondents indicated that they are buying \u201csignificantly\u201d more (5%) or \u201cslightly\u201d more (14%) items than usual; 37% state the tariffs are having \u201csome\u201d impact, and 29% say the tariffs \u201cgreatly\u201d impact their desire to make additional purchases before they would have normally been ready to buy.<\/p>\n\n\n\n

The CreditCards.com survey results estimated 28% of Americans have made a large purchase over $500 since the November election, and 21% have not made a large purchase yet, but are planning to do so soon.<\/p>\n\n\n\n

Of those who made a large purchase, the most popular categories they spent on were electronics (39%), home appliances (31%), and home improvement materials (25%). Other big-ticket items included furniture (22%) and cars (17%). When asked about the impact of Trump\u2019s planned tariffs on their large purchases, 22% of respondents say the tariffs had a \u201cbig\u201d impact and 30% report \u201csome\u201d impact. Just over 20% claim there was \u201cnot much\u201d impact, and 26% felt there was no impact.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

<\/p>\n\n\n\n

\u201cResearchers at S&P Global estimate the new tariffs could trigger a one-time increase of 0.5% to 0.7% in U.S. consumer prices, assuming the tariffs remain in effect through 2025,\u201d says John Egan, credit cards, insurance and personal finance expert contributor for CreditCards.com. \u201cBut it\u2019s too soon to say precisely how the new tariffs imposed by President Trump are affecting consumer spending. However, they very well could cause some consumers to rethink their buying habits, especially when it comes to major purchases.\u201d<\/p>\n\n\n\n

One of the drawbacks of doom spending is that it could cause a strain on consumer budgets. \u201cIn addition, doom spending might lead [consumers] to pile up credit card debt, which could put [them] in a financial hole due to interest charges and fees,\u201d Egan comments.<\/p>\n\n\n\n

Besides buying a home (new or existing), furnishing that new residence is high on the list of costly expenditures. During the pandemic, many consumers who were able to continue their work from home directed their discretionary dollars into home improvements since travel, entertainment, dining out, and sports activities were severely curtailed. While many lighting manufacturers and showrooms were reluctant to crow about an uptick in sales at a time of national crisis, the home furnishings category overall \u2013 including lighting \u2013 did rather well in that time period.<\/p>\n\n\n\n

Then came the ensuing sales slump, after new furnishings were purchased, renovation projects completed, quarantines lifted, and consumers resumed spending on travel, dining, and \u201cexperiences.\u201d Sales fell flat and have stubbornly remained so for the last two years.<\/p>\n\n\n\n


Your Immediate Sales Plan<\/strong><\/p>\n\n\n\n

The arrival of tariffs this spring will presumably slow down purchases of lighting and furniture, but how about those customers you have already established relationships with through past lighting upgrades, remodeling projects, and moves? How about the customers who came in last year after purchasing a home and walked out without placing an order, stating they would purchase their outdoor lighting, kitchen or bath lighting, or great room chandelier \u201clater\u201d or \u201cnext year.\u201d Now is the time to go over your client lists and contact those who were undecided or who made Wish Lists on your showroom\u2019s website and have yet to come in.  Reach out to those customers and give a gentle nudge that the time to buy their new lighting is now \u2014 before the tariffs take effect and prices increase. As their trusted lighting consultant, you are doing them a service by advising them about the timing and ultimately saving them money on the lighting fixtures they really love instead of them having to select products they don\u2019t like as much because the tariffs have maxed out their budget.<\/p>\n","protected":false},"excerpt":{"rendered":"

Results from a February survey of 2,000 American consumers released last week from CreditCards.com estimated one in five people are \u201cdoom spending\u201d \u2014 meaning, they are spending more than usual ahead of the upcoming tariffs affecting goods imported from China, Mexico, and Canada. Roughly 19% of survey respondents indicated that they are buying \u201csignificantly\u201d more…<\/p>\n","protected":false},"author":2,"featured_media":691,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":167,"footnotes":""},"categories":[11],"tags":[131,130,132],"class_list":["post-689","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-creditcards-com","tag-doom-spending","tag-tariffs"],"yoast_head":"\nHow Doom Spending Can Boost Lighting Sales - Lighting News Now<\/title>\n<meta name=\"description\" content=\"Results from a February survey of 2,000 American consumers from CreditCards.com estimated 1 in 5 people are \u201cdoom spending\u201d ahead of tariffs\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/lightingnewsnow.com\/?p=689\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Doom Spending Can Boost Lighting Sales - 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