SUMMER VACATIONS AND ENTERTAINING WILL PLUMMET WHEN GASOLINE HITS $3 - SAYS BEEMER REPORT.COM
Orlando, FL, March 31, 2010.... Americans expect to spend less this summer on vacations and entertaining even before gasoline reaches $3 a gallon, according to the findings of the latest survey by the BeemerReport.com.
Almost a third of American consumers (31.3%) said they expect to spend less on vacations, while 24.6% expect to spend more. The remaining group of 44.1% of consumers expects to spend the same.
"These results from a survey in early March are dramatic because, historically, when gasoline prices rise to $3 a gallon, an additional 18% to 24% of consumers cut spending on summer vacations," says consumer trend expert C. Britt Beemer, CEO and Founder of ARG.
The numbers of consumers cutting back on entertainment this year is much greater with 47.8% planning to spend less while a very small group (5.1%) expect to spend more. Those expecting to spend the same amount to 47.1%.
"In addition, based on recent experience, we expect consumer confidence to drop another six to nine points when the $3 gasoline price hits us," Beemer added .
The research consisted of 1,000 telephone interviews conducted Friday, Saturday, and Sunday, March 12, 13 and 14, 2010, at ARG headquarters in Charleston, SC. The error factor is plus or minus 3.8%.
BeemerReport.com, a largely video-based website, features constantly updated poll data. The site includes a minimum of 10 new research findings per month on a variety of topics. Beemer is one of the nation's foremost experts in consumer behavior. Known for his detailed reports and honest opinion, Beemer is frequently quoted by major broadcast and print media.
Barbara Burns (212) 486-1140