As Americans continue to enjoy a 23 percent drop in gas prices from this time a year ago, a new study conducted by Bloomberg Business has revealed that many consumers are using the extra cash on a range of other categories – most notably fun and food.
According to Bloomberg, sporting and book stores are enjoying the largest jump in sales, with spending there representing 1.67 percent of the total pie, as opposed to the 0.65 percent we saw in June 2014.
With that said, however, consumer spending is still weaker overall than what many economists had hoped to see, accounting for just about 70 percent of the total economy.
Image via flickr/OTA Photos
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