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Gas Prices Changing Consumer Habits
Source: MediaPost Communications
Date: Jan 21, 2008
A new study from The Nielsen Company finds that 49 percent of U.S. consumers are reducing their spending to compensate for rising gas prices, up four points from June 2007. 70 percent of consumers are combining shopping trips and errands, and 41 percent are eating out less, and 39 percent staying home more often.Todd Hale, senior vice president of Consumer Shopping & Insights, said "... Large numbers of consumers eating out less and staying home more... signal a tough year for some restaurants... there may be an opportunity for consumer packaged goods (CPG) manufacturers and retailers to find... growth in... at-home meal solutions and at-work meals."The survey finds that record-high gas prices likely contributed to 2007's less-than-stellar holiday sales season. Sixty percent of consumers surveyed said they had less money to spend during the holidays due to increased gas prices.The survey shows that 27 percent of consumers are reacting to gas prices by shopping more at supercenters, or megastores and big-box stores, where more items needed are in one store.
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