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Consumers cutting back on items due to gas price hikes

Posted On Wed, April 18, 2012

A recent poll from Harris Interactive showed that as gas prices continue to rise throughout the United States, and is directly affecting consumers' wallets.

The Harris Poll noted that 55 percent of driving Americans have needed to trim their budgets to make room for gas costs. In addition, 67 percent of those consumers making less than $35,000 annually have already cut back due to gas prices, while more than one-third of homes making more than $100,000 have done the same.

When examining what consumers are trimming from their budget, three in four noted that they have stopped dining out, while 73 percent have cut down on driving, the report noted. Approximately two-thirds have lowered their entertainment expenses and the same percentage of consumers have lowered the frequency of going on trips.

Close to 60 percent of consumers have stopped going on vacations, and more than half have trimmed clothing expenses, according to the report. Another 38 percent have actually lowered spending on groceries, while 37 percent stopped getting frequent haircuts or manicures. Auto repairs have been cut by one-quarter of those asked.

Approximately 40 percent of consumers have blamed the oil industry on the gas price increases, while 25 percent noted that it was due to unrest in the Middle East, the report added.

Consumers who are dealing with high gas prices and feel the need to cut back may not have to completely stop everything they enjoy. It may be wise to see how much they can save on their current auto insurance plan, as a new policy could have the same coverage, and still be less expensive. By comparing auto insurance quotes with the person's current plan, this may be more possible.

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