ASK THE EXPERT: WILL TARIFF UNCERTAINTY SCARE OFF CUSTOMERS?
Q: I’ve read how the new tariffs and resulting stock market swings have shaken consumer confidence. What can I do to make sure that my customers don’t get scared away by uncertainty?
A:
This is an interesting question because although you are asking about the specific circumstances we face today, the answer could apply to economic uncertainty at any time. The answer is to do what specialty retailers do best: make their customers feel like the most important people in the world.
Our best client stores do this every day. They remind their customers why they want to buy from them by personalizing the entire experience.
When a customer makes an appointment, make it an event. Bring in lunch, wheel in the bar cart, and give them their own private dressing room.
Share stories on how you found your incredible products and about the special people who make them. Many of our merchants love to tell stories of their trips overseas to find the right pieces for their customers.
You can also offer special services such as closet shopping, where you can help them organize their home wardrobes, swapping out older items with new pieces, and creating new outfits.
There is no big box store or e-commerce website that is going to replace this kind of attention.
And finally, there is you. Your relationship with your clients should bring them joy and comfort no matter what’s going on in the outside world. After all, we are in not just the clothing business, but the relationship business.
Given that we expect many customers to speed up their spending before the higher tariffs come in over the next couple of months, you will have a lot of opportunities to remind them why shopping with you is special, and why they will want to continue to do so. Good luck.
*The State of Fashion 2025, McKinsey & Co.
Steve Pruitt is founder and Senior Consultant of Blacks Retail Analysis and Blacks Consulting. With over 30 years of experience, Steve is one of the most respected merchandise analysts in the industry. His specialty is apparel merchandising and he has worked with clients in every sector of this category. Email: steve@blksretail.com.
This article tackles a pressing issue—how tariff uncertainty impacts consumer behavior—with expert clarity. The analysis rightly highlights the delicate balance businesses must strike between pricing transparency and adaptability. However, it could delve deeper into strategies companies use to mitigate customer concerns (e.g., price-lock guarantees or sourcing diversification). As global trade volatility grows, this discussion is invaluable for both retailers and buyers. A timely read, though actionable takeaways would strengthen its practical impact.