Good morning, ! It’s Thursday and today we explore how Canadian nationalism is reshaping consumer behavior in response to Trump-era tariffs, Chagee’s $411M Wall Street debut, why higher incomes mean fewer gift cards, and how tariffs are still hitting household appliance prices the hardest.

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— The Consumer 150 Team

CONSUMER BEHAVIOR

When Tariffs Spark Loyalty and Nationalism

Canadian shoppers are flipping the script on U.S. tariffs—shopping habits are now political statements. Following the Trump administration's 25% tariffs, 92% of Canadians say their daily lives will be affected. What’s changed? A nationwide push to “Buy Canadian”. Loblaw labels U.S. products with a “T”, Quebec shelves American wine, and breweries are ditching U.S. grain. NielsenIQ reports 32% plan to boycott U.S. goods entirely. This isn’t just consumer preference—it’s economic defiance. Even government officials are joining the movement, signaling that for many Canadians, patriotism now includes a receipt. (→Explore the movement further)

CONSUMER TECH

New Tech, Fewer Buyers? Product Launches Are Losing Steam in Sales Share

In the consumer tech space, newer doesn’t always mean better, at least not at the register. The share of total sales value coming from products launched in the past 12–24 months is steadily shrinking: from 75% in 2021 to just 63% in 2024. 

What’s driving the slump? A combo of longer upgrade cycles, economic uncertainty, and incremental innovation that fails to compel consumers to trade up. In an age where last year’s device still performs just fine, the industry is bumping into a ceiling of diminishing returns on newness.

For brands, this signals a strategic pivot point: consumer acquisition is out, lifetime value and ecosystem lock-in are in. 

Bottom line: Fresh launches are losing their edge. In consumer tech, retention just became the new innovation. (Full Article To Learn How Smart Brands Are Evolving)

PRESENTED BY BUILD WEALTH

WSJ Bestselling Author Walker Deibel’s BuildEnergy Fund Leverages 4-Decade Track Record (Over 80% Subscribed!)

​B​uildEnergy Fund I is officially open to accredited investors​! This $100 million cashflowing fund offers family office terms and 30%+ IRR to its investors. 

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For questions, reach out to Mike Brown, Head of Investor Relations: [email protected]

ECOMMERCE

E-Commerce: From Panic Spike to Permanent Habit

In mid-2020, e-commerce hit the gas, pushed by COVID lockdowns and turbo-charged by “add to cart” energy. But as the world reopened, some thought online shopping had hit its ceiling. Spoiler: it didn’t. Despite the post-peak correction, digital retail’s share of total U.S. sales has resumed climbing, hitting nearly 16% in early 2024—double the 2017 level. Behind the rise? Better logistics, omnichannel upgrades, and the fact that even Grandma can now buy shoes on her phone. The winners? Retailers who treated e-commerce like a strategy, not a side hustle.

DEAL OF THE WEEK

Wall Street Orders a Milk Tea: Chagee Brews a $6.2B Debut

Chinese milk tea brand Chagee just served up the largest U.S. IPO by a Chinese consumer company since 2021, raising $411 million and soaring to a $6.2 billion valuation on its Nasdaq debut. Founded in 2017 and now with over 6,700 locations globally, Chagee is betting big on the U.S., starting with a Los Angeles mall.

The kicker? It’s the first major Chinese consumer IPO post-tariff era, and the market actually welcomed it—shares jumped 21%. Cross-border listings might not be dead, just steeped for a comeback (Read the full Article).

TOGETHER WITH SYNTHFLOW

How Smartcat Scaled Outreach and Cut Costs

Smartcat’s sales team needed a better way to qualify leads and book demos. By partnering with Synthflow, they deployed Voice AI Agents that increased call engagement, revived cold leads, and reduced booking costs by 70%. The result? More deals closed, and reps focused on what matters most—selling.

Explore the full case

BROUGHT TO YOU BY THE GIFT CARD CAFE

High Earners, Low Usage: The Gift Card Paradox

Turns out, the more you make, the more likely you are to forget about your gift cards. 62% of Americans earning $100K or more have unused gift cards, compared to just 37% of those earning under $50K.

Why does this happen? Convenience breeds neglect. Higher earners may see gift cards as minor windfalls, not pressing enough to redeem. But across income brackets, that forgetfulness adds up to billions in dormant value sitting in drawers and wallets.

For retailers and fintech platforms, this is an opportunity disguised as oversight: re-engagement campaigns, expiry nudges, and mobile wallet integrations could unlock latent spend and boost loyalty.

Bottom line: Your most affluent customers might just be sitting on the biggest untapped pile of store credit. (More)

TREND OF THE WEEK

MEA Real Estate Goes Vertical: Saudi Leads a Regional Boom

The Middle East and Africa’s commercial real estate market is booming, with Saudi Arabia out front at $466.9B. Trailing behind are Turkey ($330.2B) and the UAE ($284.2B), with Israel and Qatar rounding out the top five.

What’s driving the surge? Mega-infrastructure plans, urbanization bets, and diversification away from oil are fueling a regional land grab. In Saudi, Vision 2030 is reshaping skylines and balance sheets, while the UAE continues doubling down on commercial hubs to support its growing finance and tourism sectors.

For investors, it’s a signal: commercial real estate in MEA isn’t just maturing, it’s multiplying. Expect growing institutional participation, REIT activity, and sovereign-backed development plays as nations compete for global capital.

Bottom line: The cranes aren’t slowing down. In MEA real estate, size, and strategy, matter more than ever.

SEASONAL INSIGHTS

Forecast to Checkout: How Spring Weather Unlocks Consumer Spend

Spring doesn’t just bring flowers—it sparks spending. As soon as warm weather hits the forecast, consumer behavior shifts dramatically, creating a golden window for brands. According to recent insights, 58% of consumers plan garden or yard projects the moment spring weather is predicted. That means timing is everything for advertisers.

Spring triggers a trifecta: mood boosts (90%), increased social activity (69%), and a surge in shopping optimism (61%). Whether it’s allergy meds, patio sets, or road trip essentials, weather cues are the silent prompts driving purchase decisions across health, home, and hospitality.

Smart marketers are syncing their campaigns to local weather data, think allergy ads when pollen spikes or road trip deals on sunny Fridays. Weather platforms offer real-time, location-based targeting, turning climate forecasts into conversion moments.

Bottom line: Weather isn’t just small talk, it’s a powerful demand signal. In spring, the forecast might just be your best media plan. (More)

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"The golden rule for every businessman is this: Put yourself in your customer's place."

Orison Swett Marden