Consumers are cutting back on shopping as gas prices rise, according to a new survey published by America’s Research Group.
The survey found that 75% of Americans are reducing the amount they spend on other items as the price of gas goes up. Business analyst say this may be due to many Americans having a fixed amount of driving they need to do, for work or shopping, and have a fixed income. As gas prices rise, discretionary spending must be cut.
The survey also found that 62% of respondents were concerned that the cost of gas will hurt the economy. According to the American Automobile Association (AAA), the average price of gas nationwide is currently $3.549 per gallon. That is up from $3.163 per gallon a month ago. This time last year, gas averaged $2.820 per gallon.
The survey also indicated that 75% of respondents plan to shop more at discount stores this spring.
Earlier this month, the U.S. Department of Energy predicted that gas prices would increase by 25% by the summer driving season.