NEW YORK—Results of a nationwide survey by Precima reveal that groceries are the top item on which U.S. consumers are spending their savings from lower gas prices. Of the 3,013 consumers, 48 percent said they are spending money saved on gas on more groceries.
The gas-to-groceries switch is even higher in certain key sectors. Among those survey respondents who said they've suffered a direct financial loss during the recession, 55 percent said they're spending gas savings on groceries, and for those whose annual income is less than $35,000 the number is 59 percent. Conversely, 34 percent of retirees are spending gas savings on groceries. The number fell to 29 percent for those whose annual income exceeds $100,000.
Brian Ross, general manager of Precima, said: "... this is a silver lining for grocers... this trend builds on... earlier research that showed that consumers are now eating more at home."
