prices, rising prices at their local supermarket and feeling the
pinch of credit card debt are taking their toll on American
C. Britt Beemer, Founder and CEO, ARG
|"In the month of April, 16.5% of consumers
postponed or delayed a major purchase of $500 or more."
Half of American consumers (49.8%)
plan to reduce personal and family spending due to higher gas
prices, according to the findings of a new survey conducted by
Research Group (ARG). Almost one quarter of consumers
(24.7%) said that they will definitely spend much less this
summer due to higher gas prices and 56.6% will somewhat reduce
their summer spending.
The “Consumer Mind Reader” research also reveals that a
significant number of families (45.7%) will change their
vacation plans if gas prices remain above $3.00, up to $3.50 a
"Higher gas prices, rising prices at their local supermarket and
feeling the pinch of credit card debt are taking their toll on
American families,” said C. Britt Beemer, founder and CEO of ARG.
In the month of April, 16.5% of consumers postponed or delayed a
major purchase of $500 or more. That compares to 15.7% a year
ago in April. Of those who did postpone a major purchase, 28.5%
said it was more than they wanted to spend, 21.8% could not find
the item they wanted, 20.6% cited they did not want to spend
that much money, and 16.4% specifically cited higher gas prices.
Consumer confidence in employment is also on the wane, Beemer
stated, citing the fact that only 28.3% feel “very confident”
about getting a job in April, compared to 35.9% in February.
The survey of 1,000 consumers was conducted from May 5th to May
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