Nielsen Survey Shows Consumer Spending Cutbacks
A survey released today from The Nielsen Co. shows an increasing number of consumers are changing where and how they shop in response to rising gas prices. The survey, conducted in June, is based on responses from nearly 50,000 U.S. consumers.
Some highlights of the study include:
• Nearly two-thirds (63 percent) of consumers are reducing their spending, up 18 percentage points in the last year and up 14 percentage points in the last six months alone;
• More consumers are combining shopping trips (78 percent), and 28 percent of consumers report doing more of their shopping at supercenters, where more items are in one store;
• More consumers are eating out less (52 percent) and staying home more often (51 percent);
• Nearly one-third (32 percent) of consumers are using coupons more often and 35 percent are buying less expensive brands.
"With gas prices passing the $4 per gallon mark, consumers are altering their driving and spending habits at dramatic levels," says Todd Hale, The Nielsen Co.'s senior VP, consumer and shopper insights. "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."