With the summer season nearing, uncertainty about rising gas prices is a growing concern for both consumers and retailers. The National Retail Federation’s (NRF) 2007 Gas Prices Consumer Intentions and Actions Survey, conducted by BIGresearch, revealed that 74.2 percent of consumers currently believe irregular gas prices have impacted their spending habits compared with 76.3 percent in 2006.
According to the survey, the average consumer believes the price of gas will reach $3.32 per gallon by Father’s Day. As a result, consumers say they are finding new ways to offset the financial bearing. Many are taking fewer shopping trips (40.2 percent) and shopping closer to home (37.9 percent), while 30.7 percent are shopping for sales more often and 23.5 percent are using more coupons.
To decrease the impact of high gas prices, many consumers (40 percent) are choosing to drive less. The survey found that 32.6 percent have cut back on vacations and traveling and 31.1 percent are dining out less.
Despite the financial impact gas prices, more than a quarter of consumers (25.8 percent) say they feel no major impact. While 25-34 year olds are feeling the impact the most (78.9 percent), the 65-and-older demographic claims to be impacted the least (65.7 percent).
