When it comes to paying more for gas, consumers would rather sacrifice nonessentials than use alternative transportation, according a survey conducted by Morgan Stanley’s Discover Financial Services.
If gas prices increase by $1:
- 70 percent of car owners said they would cut back on entertainment spending
- 66 percent said they would change their vacation plans
- 64 percent said they would postpone a major purchase
Less than one in four (24 percent) said they were somewhat likely or very likely to take public transportation. Sixty-one percent were not very or at not all likely to walk or ride a bicycle, the survey reported.
Fifty-two percent of those polled said they were somewhat or very likely to cut back on grocery spending if gas prices rise by $1.
The average price for regular unleaded was $3.14 at the time of the survey.
-Written by Regan E. Doherty
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