With gas and food prices soaring to record levels, it’s no wonder 65 percent of American shoppers had made spending cuts by July—up from 42 percent at the beginning of the year—according to a recent How America Shops … Everyday Pulse survey by WSL Strategic Retail (New York). And it’s no wonder they’re beginning to change the way they shop.

Furthermore, half the consumers in the $100,000-plus income bracket (53 percent) are watching their money.

According to WSL Strategic Retail, six developing trends will influence the future of shopping in this country:

• Struggling from paycheck to paycheck. Almost half of all consumers surveyed said they “feel like they are just trying to make it from paycheck to paycheck.” Sixty-three percent of the least affluent felt this way, as did 25 percent of those with incomes greater than $100,000.
• Shopping sales. Six out of 10 consumers—including 69 percent of women—now are more likely to wait to buy an item until it goes on sale than to pay full price for it.
• Shopping for cheaper items. Almost half of all consumers (48 percent) have traded down from their usual brands to lower-priced ones. In addition, 40 percent have started shopping in less expensive stores.
• Holding that credit card. One in three consumers (35 percent) reported they are less likely to pay for things via credit card than they were a year ago. This figure varies little by income group, suggesting that it’s an embedded mindset.
• Haggling. One in three consumers said they now bargain in stores for a better price. This trend is particularly strong among Hispanic shoppers (49 percent).
• Saving. One in five consumers (22 percent) are doing what their parents did: putting money away each month for a big purchase or vacation. Surprisingly, this trend spikes among shoppers under age 35 (28 percent). [October 2008 PET AGE]