Survey: High gas prices changing habits, purchase patterns
June 4, 2007
• Driving being reduced
• Purchase of luxury goods being put off
With gasoline prices at or near all-time record highs, consumers are changing their driving patterns and reducing spending on luxury items, according to a new survey.
Online retailers may be seeing a benefit from higher gas prices as 22 percent of the respondents indicated that they are making more online purchases to save on the cost of driving to the store, according to the survey paid for by PriceRunner.com of Westlake Village, a Los Angeles suburb.
The biggest adjustments to spending consumers made were reducing general driving when possible (55 percent); reducing spending on luxury items (39 percent); changing their vacation plans (28 percent); and reducing spending on regular items including groceries (22 percent).
Just 10 percent said they had cancelled all or part of their vacation plans as a result of higher gas prices; 12.8 percent said they had chosen closer vacation destinations; and 5.3 percent said they had decided to fly instead of drive to their vacation destination.
Amplitude Research conducted the study April 6-9 among a nationwide web panel. There were 1,000 survey respondents, resulting in a +/- 3.1 percent maximum sampling margin of error.
PriceRunner is a comparison shopping engine and is a business unit of ValueClick Inc. (NASDAQ: VCLK).