High gas prices can put the brakes on consumer spending, which accounts for 70 percent of the economy.
Recent fluctuations in gas prices are not having a major impact on affluent investors according to consumer spending trends tracked by Spectrem’s Millionaire Corner in a new survey.
On a scale between 0 (no impact) and 100 (huge impact), high gas prices ranked 42.20. Not surprisingly, respondents who reported suffering the most impact were those with the lowest net worth (under $100,000) who ranked high has prices on our scale at 57.72.
The national average for a gallon of regular self-serve gasoline Tuesday is $3.49, according to the AAA Fuel Gauge Report. This is two cents more expensive than the price one week ago and 15 cents more expensive than one month ago, AAA reports.
Across the county, all states (save for Hawaii) and the District of Columbia are shelling out more than $3 per gallon. Drivers in Hawaii are paying more than $4. South Carolina and Connecticut can claim the least and most expensive gas prices, respectively.
Disparities in gas price fluctuations has varied widely, AAA finds. Over the last week, 19 states, have seen pump prices decrease, while the remaining states and D.C. have seen retail gas prices increase.High gas prices can put the brakes on consumer spending, which accounts for 70 percent of the economy.
High gas prices can put the brakes on consumer spending, which accounts for 70 percent of the economy. For a majority of Affluent investors surveyed, gas prices are most impacting their vacation plans (60 percent), followed by leisure activities (50 percent).
Four-in-ten Affluent investors cited gas prices as a reason not to visit family, while more than one-third reported cutting back on day trips, which would in turn impact destination spots that depend in part on tourism spending.
Nearly three-in-ten (28 percent) said that gas prices are compelling them not to eat out as much.
But kids can relax: Less than a handful of Affluent respondents said that has prices are impacting their children’s afterschool activities.
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.