Shortly after the presidential election, conspiracy theories took off on social media, and not just of the regular political variety. Looking at the vast range of issues facing the country, some Americans, especially on TikTok, were clutching their pearls about the new administration's expected impact on shopping. All politics is local indeed.
This constituency is concerned about President Trump's threat of across-the-board import tariffs, which could mean travelers paying higher duties when bringing into the U.S. prized Italian- and French-made handbags, fragrances, and double-face cashmere. Could this spell the end of those pit stops at the VAT machines at Charles de Gaulle after shopping sprees on Avenue Montaigne? Mon Dieu!
In truth, the specter of tariffs did shake up some economies, especially those of major trading partners like Canada and Mexico, but the demand for designer goods is what economists refer to as "elastic?" "If they want it, they buy it," says Laura LaRosa, a wealth manager who is herself a VIP client at the Philadelphia department store Boyds. "The one percent is not going to worry about paying $11,000 for a handbag versus $10,000."
As it turns out, tariff anxiety was really emanating from the fashion capitals of the world. "Clients are concerned about the price of fashion in general," says Beth Buccini, owner of Kirna Zabête, a retailer with boutiques on the East Coast and in Nashville. “But we haven't heard a single customer express concern about tariffs impacting fashion pricing. We have heard this from many designers." Independent labels face a rock-and-a-hardplace decision: They can eat those anticipated tariffs, or they can raise their prices and see what their consumers say. Some might shrug.
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