KPMG’s latest Consumer Pulse Summer 2025 report paints a sobering picture of the consumer: more cautious, more cost-conscious, and more selective than they’ve been in years. Amid inflation, shrinking incomes, and growing tariff concerns, the report’s findings suggest a “make it count” mindset is taking hold — and reshaping everything from retail to travel to wellness.
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In a nationally representative survey of 1,516 U.S. consumers, nearly 4 in 10 consumers report a decline in household income — nearly double last year’s figure — while over 70% say a recession is likely within the next 12 months. The KPMG report finds consumers expect to spend 7% less each month on restaurants this summer impacted by inflation, declining incomes and concerns over the potential price impacts of tariffs.
At-home meal occasions could increase at the expense of restaurants. Sixty-nine percent of consumers said they are eating more at home, and 85% of that cohort said they are doing so to save money. Thirty-nine percent of consumers said their incomes declined, roughly double that of last year’s report. A majority (79%) said they expect tariffs to increase prices.
“We see a more selective and cost-conscious summer ahead,” Duleep Rodrigo, KPMG Consumer & Retail Leader, wrote in an email. “People aren’t just pulling back—they’re recalibrating. We’re seeing a more selective and cost-conscious summer travel season, vacations are still in the budget—but nearly everything else is on the chopping block.”
Load-to-Truck Ratio
Following the prior week’s surge in reefer load post volume, the market cooled following last week’s 10% decrease in volume, impacted by California’s 2% decrease in loads of fruit and vegetables. This decrease in load volume, coupled with a 15% drop in reefer equipment postings, led to the reefer load-to-truck ratio, increasing by 5% to 13.90.
Spot rates
Last week saw a rapid tightening of available capacity, with the Southeast experiencing solid gains. Outbound reefer loads from Atlanta, for example, were up by $0.22 per mile compared to the previous week, averaging $2.87 per mile for carriers.
Nationally, the average reefer rate increased by almost $0.10 per mile last week, reaching an average of $2.05 per mile. This figure is $0.01 per mile lower than last year and $0.04 lower than 2023.
In California, despite a 23% decrease in produce volumes compared to last year, outbound loads paid reefer carriers an additional $0.05 per mile last week, averaging $2.46 per mile. However, this is still $0.27 lower than last year’s rates.
