SCHAUMBURG, Ill. -- New research from The Nielsen Company finds that half (49 percent) of U.S. consumers reduced their spending to compensate for rising gasoline prices, up 4 percentage points from June 2007. Consumers also battled high gasoline prices by combining shopping trips and errands (70 percent), eating out less (41 percent) and staying home more often (39 percent).

“Our research shows consumers are adjusting their spending to a significant degree in order to counterbalance rising gas prices,” said Todd Hale, senior vice president of Consumer Shopping & Insights, Nielsen Consumer Panel Services. “Large numbers of consumers eating out less and staying home more often signal a tough year for some restaurants, but there may be an opportunity for consumer packaged goods (CPG) manufacturers and retailers to find continued growth in healthy, at-home meal solutions and at-work meals.”

Nielsen’s survey showed that record-high gas prices likely contributed to 2007’s less-than-stellar holiday sales season. Sixty percent of consumers surveyed said they had less money to spend during the holidays due to increased gasoline prices, and 44 percent of consumers reported they planned on spending less money on holiday gifts in 2007 as compared to the year prior.

“Unlike 2005 and 2006, gas prices didn’t drop in the fourth quarter of 2007 to enable consumers to do their typical holiday binge buying,” said Hale. “That said, our research shows a jump in consumers shopping on the Internet as a way to deal with high gas prices.”

Nielsen found that gasoline prices are impacting where consumers shop, with 27 percent of consumers reacting to gas prices by shopping more at supercenters, or megastores and big-box stores, where more items needed are in one store.

Increased fuel prices are resulting in more coupon clipping, with 25 percent of consumers using coupons to save money, up from 20 percent in June 2007. Twenty-three percent of consumers indicate they will buy less expensive grocery brands to deal with higher gasoline prices, signaling a possible boost for private label or store-brand products and lower-priced branded products.

“2008 will likely be a challenging year for U.S. consumers and the economy as a whole as we grapple with growing inflation, credit-card debt, declining house values — as well as expectations for gasoline to hit $3.40 by spring,” said Hale. “Value, convenience and competitive pricing will be more important than ever in the year ahead.”

NACS will release its 2008 Gas Price Kit on February 1.