Households with incomes under $50K per year are bearing a greater burden from high gas prices according to BIGresearch’s August Consumer Intentions and Actions Survey of over 8,500 consumers. Only 24% said high gas prices are having no impact on their spending. However, when broken into income groups, 30% of those making more than $50K per year reported no major impact, compared to only 22% of consumers making less than $50K per year.
“While economic concerns and rising gas prices are causing consumers to exercise more judgment in their spending across the board, not all income groups are affected equally,” said Joe Pilotta, VP of Research for BIGresearch. “There is a definite gap between those making less than $50K per year and those making more—and it’s only getting wider.”
The survey showed that 81% of consumers in the <$50K group felt they are the same or worse off financially than this time last year. To cope with higher gas prices, they are making some pretty significant changes, including deferring major purchases, dining out less, cutting back on travel and, of course, driving less. Those who make $50K+ per year are not making the same sacrifices. In fact, 78% of that group felt they were the same or better off financially than last year.”