Are consumers finally cracking under the weight of $4 gas? [Yahoo! Finance Canada]
Goldman Sachs Group, Inc. (The) (GS)
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Source: Yahoo! Finance Canada
Or so says a new Goldman Sachs survey of convenience store retailers on Wednesday. The survey measured the activity at 32,000 locations across the United States. What consumers are doing: The survey found the majority of retailers polled (53%) say they are noticing changed consumer behavior with gas prices around $4 a gallon. Another 37% of respondents said they expect consumer behavior to change if gas prices remain elevated. In terms of changes, 32% of respondents said consumers are purchasing less fuel, and 26% said consumers are now trading down to less expensive items in stores. Another 21% indicated that consumers are buying less while in-store. Read more: The economic data: The latest University of Michigan Consumer Sentiment Index showed that US consumer confidence this month has plummeted to a record low of 47.6. This represents a staggering 11% plunge from March and is the lowest reading in the survey's 74-year history. It even fell below the levels seen during th
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