Consumers Say They’ll Cut Discretionary Spending, Not Use Alt. Transportation

RIVERWOODS, Ill.–(BUSINESS WIRE)–Nine out of ten American adults claim they are paying close attention to the rising cost of gasoline, according to a Discover survey. In fact, two-thirds can quote the per gallon price within 30 cents. While nearly half of car owners said they are willing to buy a more fuel efficient car should gas prices increase $1, a strong majority ruled out using alternative transportation to offset rising gas prices and are more likely to cut discretionary spending.

According to the new survey conducted as part of the Discover

Cutbacks Would Most Likely Affect Vacations, Entertainment Spending, Major Purchases

According to the survey:

● 70 percent of car owners said they will cut back on entertainment spending if gas prices were to increase a dollar,

● 66 percent said they will change their vacation plans, and

● 64 percent said they will postpone a major purchase