Note: Even though we are nearly done with the first 4 months of 2008, I'm sticking with the title, The 2008 American Consumer Preview, since this is still information about consumer habits for this year.
To see the first 8 Previews, click here.
Gas Prices approached $3.70 locally, this week before dropping slightly.
News this week included rice rationing by some retailers, food prices continue to climb, and today the morning news was that the tax stimulus checks are going out earlier than previously announced.
What effect are rising gas prices having on consumers spending habits? Take a look:
How Gas Prices Affect Shopping Habits
| Oct | Apr | +/- | |
|---|---|---|---|
| Eat out less often | 38% | 53% | +15 |
| Carpool or find alternative means of transportation | 10% | 15% | +5 |
| Delay purchase of new home | 5% | 10% | +5 |
| Less shopping of non-essential retail items | 42% | 65% | +23 |
| Purchase fewer media entertainment items | 33% | 48% | +15 |
| Will not change any spending habits | 43% | 22% | -21 |
Source: Kelley Blue Book Marketing Research Gas Prices and Shopping Habits - Trending Over Time
Consumers Cut Back On Everything But Driving, Study Finds
by Aaron Baar
[Trends] "Gas prices are already affecting vehicle sales in every segment, and traditional sport utility vehicles have been especially hard hit," says Kelley Blue Book's Jack Nerad. "Other industries will feel the pinch as consumers cut out life's little luxuries like clothes, eating out and entertainment just so they can pay the fuel bills." - Read the whole story...
And what about the "rich"? (That's Paris Hilton pumping her own in the picture.)
Even The Rich Feel Pinched, Await New Presidential Leadership
by Sarah Mahoney
[Retail] What that means for marketers is that these consumers are going to be more resistant to luxury messages. While 41% of luxury consumers say they expect to spend less on luxury in the next twelve months, only 13% expect to spend more. And 71% say the overall financial health of the country is worse now than it was three months ago. - Read the whole story...
These stories are from MediaPost.
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