Fuel Prices Hit Starbucks, Home Entertainment and Pro Sports
The impact of high gas prices has hit the economy like a shotgun blast. If you think it’s just your commute that’s been affected, think again. In order to make room in their budgets, people have begun to cut back on some of life’s simple luxuries.
According to a survey by Kelley Blue Book, consumers are snipping all sorts of standard forms of entertainment and enjoyment as gas consumes more of their income. One of the biggest losers is Starbucks, as one in four people say they’ve quit the expensive stop for morning coffee in favor of home- or office-brewed joe, with another 21% saying they’ve cut back extensively.
Also taking a hit are DVD and CD sales (28% have stopped buying them all together), your local sports team (27% have quit attending games), and restaurants (six in 10 people said they were eating out less often).
These findings mirror an ABC poll that had 77% of respondents saying the economy was getting worse and a record number claiming that gas prices are causing them severe “economic hardship.”
