Summary
Rising gasoline prices are reshaping U.S. consumer spending, but they have not yet derailed overall demand. Shoppers are adapting by buying fuel at warehouse clubs, using public transportation, and trimming discretionary expenses such as dining out, travel, and entertainment while maintaining retail purchases. According to Coresight Research’s John Mercer, larger tax refunds have helped offset higher fuel and grocery costs, supporting retail sales and economic growth through the summer. However, persistent inflation and elevated gas prices could strain lower-income households later this year, increasing the risk of a widening “K-shaped” recovery in which financially stronger consumers fare far better than vulnerable households.
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