In addition, nearly two-thirds (63%) of consumers are compensating for rising gas prices by reducing their spending, Nielsen found. That percentage increased by 18 points since June 2007 -- and by 14 points in the last six months alone.
“While discretionary spending is likely to be a challenge for most low and middle income shoppers, even affluent consumers are looking for ways to make their dollars go further,” Todd Hale, senior vice president, Consumer & Shopper Insights, Nielsen, noted.
Nielsen's survey was conducted during the first week of June 2008, when regular gas averaged $3.98.
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