Photography Studios NAICS 541921

Mar 21, 2025 - Equipment Costs May Rise with Tariffs

• Photography studios may see costs of equipment, including cameras, lighting, and tripods, rise under new tariffs from the Trump Administration. President Donald Trump has enacted numerous tariffs in the past two months including two 10% tariffs on imports from China, a 25% tariff on imported steel and aluminum, and 25% tariffs on imports from Canada and Mexico expected to roll out fully in April. According to a report in Digital Camera World, photographers may need to be concerned about an increase in camera prices due to the tariffs depending on where their cameras are made. While a majority of high-quality camera brands including Canon and Nikon are based in Japan and Europe, a number of more affordable cameras and many third-party lens manufacturers are located in China, per the report. China is also a key source for lighting equipment and camera support equipment like monopods and tripods used by photographers.
• According to a report in CFO Dive, consumer confidence levels, an indicator of discretionary spending, have fallen due to consumer anxiety about tariff effects and economic uncertainty. The consumer sentiment index from the University of Michigan dropped 11% in March 2025, marking the third straight month of declines and hitting the lowest level since November 2022. In addition, the Conference Board index of consumer sentiment in February 2025 marked the biggest decline since August 2021 and the third straight month of declines. According to Stephanie Guichard, senior economist for global indicators at the Conference Board, “There was a sharp increase in the mentions of trade and tariffs, back to a level unseen since 2019. Most notably, comments on the current administration and its policies dominated the responses.”

• Businesses in the wedding industry are seeing lower bookings and significant budget and guest list cuts, according to a Q4 2024 “The State of the Wedding Market” survey from The Wedding Report. About 22% of businesses saw bookings drop by more than 25% in 2024, while nearly 30% saw bookings fall by a slight to moderate amount. On a brighter note, about 30% recorded slight to moderate increases in bookings. Survey respondents included photographers, venues, planners, and florists. The survey also found that 35% of couples are trimming wedding guest lists by 10-25%, and 30% of businesses are seeing wedding budgets down by 10-25% as couples prioritize smaller, more intimate ceremonies. The wedding industry is facing challenges with finding and converting leads (48%), rising costs (17%), and couples delaying their wedding decisions (14%).
• Economic activity in the services sector expanded in February 2025 for the eighth consecutive month, according to the Services ISM Report on Business. The Services PMI registered 53.5% in February, up 0.7 percentage points from January. Fourteen of the 18 services industries reported growth in February, including Other Services; Finance & Insurance; Wholesale Trade; Utilities; Agriculture, Forestry, Fishing & Hunting; Mining; Real Estate, Rental & Leasing; Health Care & Social Assistance; Construction; Transportation & Warehousing; Accommodation & Food Services; Professional, Scientific & Technical Services; Information; and Public Administration. Three industries reported a contraction: Management of Companies & Support Services; Retail Trade; and Educational Services.