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Families Cut Summer Spending as Gas Prices Rise, According to Americas Research Group Survey Charleston, SC, May 15, 2006� One half of American consumers (49.8%) plan to reduce personal and family spending due to higher gas prices, according to the findings of a new survey conducted by America�s Research Group (ARG). Almost one quarter of consumers (24.7%) said that they will definitely spend much less this summer due to higher gas prices and 56.6% will somewhat reduce their summer spending. The �Consumer Mind Reader� research also reveals that a significant number of families (45.7%) will change their vacation plans if gas prices remain above $3.00, up to $3.50 a gallon. �Higher gas prices, rising prices at their local supermarket and feeling the pinch of credit card debt are taking their toll on American families,� said C. Britt Beemer, founder and CEO of ARG. In the month of April, 16.5% of consumers postponed or delayed a major purchase of $500 or more. That compares to 15.7% a year ago in April. Of those who did postpone a major purchase, 28.5% said it was more than they wanted to spend, 21.8% could not find the item they wanted, 20.6% cited they did not want to spend that much money, and 16.4% specifically cited higher gas prices. Consumer confidence in employment is also on the wane, Beemer stated, citing the fact that only 28.3% feel �very confident� about getting a job in April, compared to 35.9% in February. The survey of 1,000 consumers was conducted from May 5th to May 9th. ARG conducts �Consumer Mind Reader� surveys every two months. America�s Research Group is the consumer-behavior marketing firm that provides clients the insight, strategy and tactics to increase market share. America�s Research Group�s expertise in consumer behavior has made it a key resource and advisor to leading brands and top retailers in the nation for 25 years. |
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