The Party's Over

If you thought that the drop in gas prices over the last few months meant the good times were back, think again. For the better part of this decade Americans spent like drunken sailors. Now, after four months of financial turmoil, it's time to sober up. According to a recent survey by the retail thought leader Precima, nearly half of the 3,000 shoppers surveyed said that their savings at the pump went straight into their shopping carts.


It looks like the irrational exuberance of the last decade has worn off. American consumers are putting their pump savings to practical use, like feeding their families, instead of leasing the newest Bimmer. According to Precima:

• 42% of shoppers surveyed say they're saving their pump pennies for a rainy day


• 30% say they're paying off credit cards with the extra cash from the drop in gas prices


• 60% of shoppers making less than $35,000 are putting their money into food--only 29% of those making over $100,000 say the drop in gas prices has them buying more food


• And 55% of shoppers who have taken a direct hit from the current financial debacle say the extra money in their pockets is ending up on their tables

Maybe the most interesting statistic in these hard times is that only 10% of those surveyed say they're using the new found money to, well, have fun.

Let's call it a night. The party's over.

Just thought you'd like to know.