The increases in gas prices, and the extended duration of high prices, have changed the shopping habits of consumers for good, according to a new study from Yankelovich, which suggests marketers take those changes to heart when strategizing.
Another study - from Information Resources Inc. - predicts that gas prices will rise again in the spring of 2007, and suggests that packaged goods marketers begin planning for future periods of price escalation, writes BrandWeek (via MediaBuyerPlanner).
The Yankelovich study offers a profile of today's consumer: 67 percent of shoppers will shop for several items at a single store instead of driving to various stores; 66 percent make price comparisons; 64 percent do reasearch before purchasing; and 63 percent wait for a sale before purchasing. Consumers are also purchasing fewer items, choosing more durable products and picking private label brands over brand names.
One of the categories most affected will be restaurants, with consumers opting for cheaper choices or not going out at all.
The Yankelovich study also indicates that more than half of consumers believe high fuel costs are here to stay. The average American household will spend 5 percent of pretax annual income on gasoline.