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Last updated on Monday, May 21, 2007
(UDATED) - With gas prices reaching their highest level in recent history, a majority of consumers plan to take steps to combat the hit to their wallets.
According to the latest Kelley Blue Book Marketing Research study on gas price effects, half of new vehicle shoppers plan to purchase less retail items such as clothes and shoes, more than a third plan to eat out less often, and another third plan to buy less media entertainment items as long as gas prices continue to squeeze their wallets.
Executive editorial director and executive market analyst Jack R. Nerad says these results makes it clear that American consumers are more than willing to make changes in their buying decisions due to rising gas prices.
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