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Shoppers cut spending
High gas prices to blame
IRVINE, Calif. -- According to the latest Kelley Blue Book Marketing Research study, the number of new-car shoppers adjusting their spending habits due to increasing gas prices has reached a record high.
The April 2008 results revealed that 65 percent of shoppers are spending less on non-essential retail items as a result of high gas prices, compared to 42 percent just six months ago in October 2007. Additionally, 53 percent indicated they eat out less often, 48 percent purchase fewer media entertainment items, 15 percent carpool or find alternative means of transportation and 10 percent have delayed purchasing a new home.
Furthermore, the portion of shoppers who say they will not change their spending habits due to gas prices has decreased from 43 percent in October 2007 to 22 percent in April 2008.
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