Search
 

Gas Spike Affects Shoppers

NEW YORK-Lower-income shoppers' habits are changing the most, according to a new ICSC survey.

By Dees Stribling | Updated on April 05, 2005

NEW YORK-A new survey commissioned by the International Council of Shopping Centers buttresses the idea, so far supported by a good deal of anecdotal evidence, that the recent surge in gasoline prices is having some impact on consumer shopping patterns. A number of retailers, especially discount chains, have lately been attributing weaker-than-expected numbers at least in part to the price of gas. Indeed, people with the lowest household incomes (below $25,000) are being affected the most, according to the ICSC, but even some more affluent shoppers are adjusting their habits, especially when it comes to eating out.

According to the U.S. Department of Energy, average prices for gas across the country hit $2.15 per gallon on March 28, and prices are climbing toward $2.20 this week. A less scientific, but no less revealing survey by GasPriceWatch.com finds a great deal of local and regional variation in the price of gasoline. According to the site (on Tuesday), the lowest spotted price for regular unleaded was in Chugwater, WY, at $1.88; the highest was in Baker, CA, at $3.44.

Nominally, gasoline is as expensive as it has ever been. In fact, however, adjusted for inflation, current prices have yet to surpass the real peak of 1981, though they may be headed that way. According to the U.S. Energy Information Administration’s Annual Energy Review and Monthly Energy Review (Feb. 2005), the average price of a gallon of gas was about $1.40 in 1981, which would be about $2.90 in today’s dollars.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.