The effects of rapidly rising oil and gas prices are rippling through the U.S. economy, just as the holiday season ramps up. Keeping tabs on how the price hikes are affecting consumers, a CivicScience survey of more than 2,500 U.S. adults conducted this week learned that approximately half (49%) are cutting back spending on goods and services due to rising prices at the pump.
More than one-quarter (26%) of respondents say they are spending much less than normal.
Many affected by rising prices are also scaling back their driving time. The survey found that one-third (33%) of drivers report driving less now as the result of gas prices.
Those who are spending less are five times more likely to also drive less, compared to those who haven’t altered their spending habits.
The impact of gas prices can be felt strongly across all income levels. However, those who earn $50K or less per year are the most likely to adjust both spending and driving habits.
As winter approaches, anxieties abound. In addition to oil, rising natural gas prices are also weighing on the minds of consumers. The majority of respondents (81%) say they are concerned about oil and gas prices, while nearly half (49%) are very concerned.
With the holiday season upon us, it’s likely these trends will play into holiday shopping and travel. Stay tuned for more insights.