Pearl River Mart in Soho showcases a vibrant assortment of imported home goods, with most items coming from China. With tariffs on imports increasing drastically since President Trump took office, shops selling these goods are feeling the pressure. Retailers must now choose between absorbing rising costs or passing them on to customers, which is particularly daunting for non-essential items. Pearl River Mart's president, Joanne Kwong, and Laura Alber of Williams-Sonoma voiced concerns about whether consumers will prioritize such discretionary purchases in the face of rising prices due to tariffs.
Merchants must grapple with escalating tariffs, forcing them to decide on absorbing costs or passing them to consumers, especially for 'nice-to-have' home goods.
Joanne Kwong, president of Pearl River Mart, highlights the challenge of increasing prices on non-essential items, suggesting that customers prioritize basic needs before home goods.
In an earnings call, Laura Alber of Williams-Sonoma expressed concern that cost headwinds from tariffs could diminish company margins, making selective price hikes necessary.
Retailers selling imported home goods are at a crossroads as tariffs influence whether consumers are willing to pay more for items deemed non-essential.
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