High Gas Prices Change Consumer Spending Habits
BOSTON --- High gasoline prices have prompted 77 percent of Americans to alter their spending habits, according to a Boston Consulting Group survey released this week. Eighty-two percent of those surveyed indicated a resolve to purchase quality products at the lowest possible price when they needed new items. The survey, conducted through random phone calls July 6 to 9, found that 76 percent of U.S. consumers expected gasoline prices to climb during the coming months. Nearly half of those surveyed believe gasoline will hit $5.50 a gallon. Half of Americans have decreased spending, while 59 percent have postponed a purchase they've deemed not absolutely necessary. A total of 1,020 adults participated in the survey. The margin of error is plus or minus 3 percentage points.