If you’re looking forward to the fall season, there’s some slightly bad news.
Pumpkin spice season may cost you more this year—and President Donald Trump’s new tariffs could be the reason why.
A new survey from Empower shows:
- 44% of Americans say tariffs and inflation are driving up the price of pumpkin-flavored favorites.
- 39% believe the “pumpkin spice tax” is real, as coffee shops, grocery chains, and restaurants pass higher costs to customers.
Why Pumpkin Spice Costs Are Climbing
Pumpkin spice isn’t just a flavor—it’s a billion-dollar industry tied to fall traditions. But tariffs on imported goods are creating a ripple effect across the market.
Financial expert Kevin Thompson explains:
“Even U.S.-grown products rise in price when imports are taxed. Producers adjust to the new higher price level, and consumers are left paying more.”
This means your pumpkin spice latte, pie, or muffin could cost more—even if the ingredients are American.
Millennials Splurge, Boomers Stay Cautious
The survey also revealed sharp generational differences:
- Millennials spend an average of $64 a month on pumpkin spice products.
- Baby Boomers spend just $12, proving older Americans are more cautious with seasonal spending.
- Still, 54% of adults look forward to pumpkin spice every year, no matter the price.
Inflation Meets Holiday Tradition
Experts say the emotional pull of pumpkin spice could keep sales strong, even as prices climb:
- 43% of shoppers say pumpkin spice makes products feel more premium.
- 39% buy seasonal versions of their favorites even when they cost more.
Financial instructor Alex Beene warns that tariffs will play a role in pushing up prices:
“Many pumpkin spice ingredients are imported. That absolutely contributes to higher costs. But Americans still have an emotional tie to these products—they associate them with holidays and tradition.”
What It Means for Your Wallet
Bottom line: pumpkin spice is here to stay, but it won’t be cheap. Businesses may sell fewer units but make more profit per item—while everyday Americans shoulder the higher costs.
This fall, the question is simple: Will you still pay extra for the taste of tradition, or is pumpkin spice finally too expensive to swallow?