Will gas prices affect shopping and travel?

As gas prices continue to fluctuate from wallet-pinching highs to into the nearly bearable range, analysts are trying to determine how  much is the increase in gas pricing has an influence on consumer spending. A recent survey from the National Retail Foundation shows that over 42 percent of people surveyed feel that the gas prices will have an impact on spending over the July 4th holiday. This number is down from the nearly 47 percent reported last year but still worrisome news for retailers and those in the travel business. More than 11 percent said they will travel over the holiday but many feel that staying closer to home is a good way to save money.

Some data from other sources conflict with these findings. A survey by AAA showed that higher gas prices won't cause people to change their travel plans and that in fact travel will be slightly up over the summer. Some people may cut back on spending but won't cancel their vacations. A press release from the Travel Industry Association showed that vacationers are planning 1.8 percent more trips this summer than last year and gas prices would have to hit a painful $3.50 a gallon before they would consider changing travel plans. In fact, a national survey done by AAA before Memorial Day showed that even though gas prices were up 14 cents per gallon over last year, travel by car was on the rise. The good news is that hopefully the lower trend in gas prices is expected to last through July.

Related: Get updated gas price info from the CR Car Blog