Affluent investors are not impacted greatly by recent fluctuations in gas prices, according to a Spectrem Group consumer spending survey.
Asked to rate the impact of high gas prices on their lives from 0 (no impact) to 100 (huge impact), the overall rank was 42.2. Not surprisingly, respondents who reported suffering the most impact were those with the lowest net worth (under $100,000) who ranked high gas prices on our scale at 57.72.
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The national average for a gallon of regular self-serve gasoline Tuesday is $3.49, according to the AAA Fuel Gauge Report. This is two cents more expensive than the price one week ago and 15 cents more expensive than one month ago, AAA reports.
Across the country, all states (save for Hawaii) and the District of Columbia are shelling out more than $3 per gallon. Drivers in Hawaii are paying more than $4. South Carolina and Connecticut can claim the least and most expensive gas prices, respectively.
Disparities in gas price fluctuations has varied widely, AAA finds. Over the last week, 19 states, have seen pump prices decrease, while the remaining states and D.C. have seen retail gas prices increase.High gas prices can put the brakes on consumer spending, which accounts for 70 percent of the economy.
High gas prices can put the brakes on consumer spending, which accounts for 70 percent of the economy. For a majority of Affluent investors surveyed, gas prices are most impacting their vacation plans (60 percent), followed by leisure activities (50 percent).
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By GlobalDataFour-in-ten Affluent investors are citing gas prices as an excuse not to visit family, while more than one-third reported cutting back on day trips, which would in turn impact destination spots that depend in part on tourism spending.
Nearly three-in-ten (28 percent) said that gas prices are compelling them not to eat out as much.
But kids can relax: Less than a handful of Affluent respondents said that gas prices are impacting their children’s afterschool activities.
