Gas Prices - Helping Internet Sales |
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A new study from The Nielsen Company finds that 49 percent of U.S. consumers are reducing their spending to compensate for rising gas prices, up four points from June 2007. 70 percent of consumers are combining shopping trips and errands, and 41 percent are eating out less, and 39 percent staying home more often.
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Impact of Higher Gas Prices on Consumer Spending and Driving Habits (% of respondents)
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June/July '05
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June/July '06
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June/July '07
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Dec '07
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Combine errands/trips
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61%
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68%
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68%
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70%
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Eat out less
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31
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39
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38
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41
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Do more at home
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30
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39
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39
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39
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Reduce spending a little
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26
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33
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29
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31
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Reduce spending a lot
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10
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15
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16
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18
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Shop more on Internet
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5
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9
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9
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15
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Shop more at supercenters
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22
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26
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23
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27
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Switch to lower price gas stations
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30
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31
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26
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26
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Use more coupons
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20
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24
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21
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25
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Buy less expensive grocery brands
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17
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22
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19
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23
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Use lower grade gas
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16
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18
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14
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15
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Source: Nielsen Homescan Survey, December 2007
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(The survey was conducted in December 2007, when regular gas averaged $3.06)
Todd Hale, senior vice president of Consumer Shopping & Insights, said "2008 will likely be a challenging year for U.S. consumers and the economy as a whole as we grapple with growing inflation, credit card debt, declining house values - - as well as expectations for gasoline to hit $3.40 by spring," further he said. "Manufacturers and retailers need to be alert to the fact that consumers are looking to save by altering where they shop, how they shop and what products and brands they buy. Value, convenience and competitive pricing will be more important than ever in the year ahead.
For more information, please visit, www.nielsen.com.
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