New York, NY, July 19, 2006--Due to rising gasoline prices, 53 percent of U.S. households now are reducing their discretionary spending on items such as clothing, shoes, jewelry, consumer electronics, at restaurants, on spa and beauty services or on other non-essential purchases, according to a survey of 1000 households conducted by Opinion Research Corp., on behalf of ICSC and UBS Securities.
The figure is slightly higher than it was in June, when 52 percent of households reported a similar reduction in spending. But it's also considerably below the April reading when it stood at 59 percent. The percentage of households that reported a “considerable” reduction in discretionary spending was 28 percent in the latest survey compared with 27 percent reporting the same in mid June.
Based on ICSC Research calculations, the average household expenditure on gasoline in mid July was about $1.50 per week higher than in the prior month (June 2006) for an average of nearly $50 per week.
