Consumers are rushing to stock up on cars, appliances, and household goods ahead of President-elect Donald Trump’s inauguration, fearing a general rise in prices if Trump implements his promised tariff policies.

Christopher Foot, a 35-year-old software consultant living in California, spent over $12,000 on items he had long wanted since Election Day. His purchases include a Samsung heat pump ($8,087), an LG TV ($3,214), a Denon audio system ($1,081), and a Miele vacuum cleaner ($509).

The Wall Street Journal (WSJ) reported on the 14th that Americans worried about price hikes due to tariffs are buying cars, upgrading appliances, and stockpiling items like coffee and olive oil.

According to the University of Michigan’s monthly consumer survey, 25% of respondents believe prices will increase next year. This is a significant jump from 10% in the previous month’s survey and marks an all-time high.

Similarly, a survey of 2,000 consumers by CreditCards.com revealed that one-third of respondents are purchasing more items now due to concerns about price increases following tariff impositions.

Robert Barbera, Director of the Center for Financial Economics at Johns Hopkins University, explained, “People who were planning to buy a TV within the next 12 months now believe they must buy it within 12 weeks.”

During his campaign, Trump pledged to impose tariffs of 10–20% on all imports to revive domestic manufacturing and reduce trade deficits. He specifically promised a 60% tariff on goods from China. After his victory, Trump also warned of 25% tariffs on imports from Canada and Mexico and threatened 100% tariffs on goods from BRICS nations—including Brazil, Russia, India, and China—if they challenge U.S. dollar dominance.

Economists predict that such tariffs will likely lead to higher prices due to inflationary pressure.

Gerard Sarec, a 66-year-old engineer from Cape Cod, Massachusetts, has stocked his basement with coffee, olive oil, and paper towels since the election.

“I’m taking Trump’s words at face value,” he said, expressing concern that tariffs and immigration-related policies could push labor and domestic product prices higher.

This panic buying may unintentionally drive prices up even further. Harrison Hong, an economics professor at Columbia University, explained, “If panic buying depletes supplies, retailers will have no choice but to raise prices.”