Working from home, purchasing fuel-efficient cars, even canceling vacations.
With gas prices in the Baltimore area approaching $4 a gallon, consumers? dependence on automobiles is a key driver of how they spend their money, saidDavid Portalatin, director of industry analysis for the NPD Group, a consumer and retail research firm.
“We?re starting to see behavioral changes that take longer to implement,” Portalatin said.
The average price for a gallon of regular gas in the Baltimore region reached a record $3.95 a gallon Wednesday, according to AAA. The average price per gallon has increased more than 36 cents in the past month.
A recent NPD Group survey of 43,000 consumers nationwide showed people are making short- and long-term changes to their driving behavior.
About 6 percent of consumers have purchased fuel-efficient cars, 6 percent have started working from home, 5 percent have opted to work closer to home, and even 4 percent have been working less to save money on gas.
“These are behavior changes we haven?t seen since the early 1980s, when gas prices, after adjusting for inflation, were at similar levels,” Portalatin said. “I don?t know what the threshold is, but we?ve clearly crossed it.”
About 12 percent have canceled vacations, 12 percent have started carpooling to work, and 8 percent have increased their public transportation use.
“Motorists are deeply distressed by the huge price increases at gas pumps,” said Ragina Averella, public and government affairs manager for AAA Mid-Atlantic. “The best way to fight back against higher pump prices is controlling how you drive ? even on a long vacation trip.”
