What Did You Spend Your Gas Money On?

According to this report from AdAge.com, instead of feeding our gas tanks, we were feeding our own tanks:

Consumers Use Gas Savings for Groceries Instead of Gifts

Study: 48% of People Shift Spending to Supermarket

By Jack Neff

BATAVIA, Ohio (AdAge.com) -- Consumers mostly are spending their windfall from falling gas prices -- but on groceries rather than gifts.

The study found that 48% of people planned to spend their gas savings on groceries.

Photo Credit: AP

A survey of more than 3,000 U.S. consumers by Precima, the Toronto-based unit of Alliance Data's LoyaltyOne marketing firm between Nov. 28 and Dec. 8 found that 48% of people planned to spend their gas savings on groceries, followed by 42% who plan to put the money in savings. Some 37% said they'll use it to buy gifts and 30% plan to pay down credit card debt with it. Some 10% who plan to spend it on entertainment.

Gas prices in the U.S. have declined as much as 60% since mid-September, saving an average household $175 to $200 monthly.

Revisiting some aisles
"With relief at the pump, consumers are returning to some of the aisles they may have foregone in recent months, said Brian Ross, general manager of Precima, in a statement, who said the research dovetails with prior findings by the company that consumers are eating at home more.

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