As consumers use more of their income to fill up their gas tanks, they'll have less to spend on discretionary items like new bathing suits to wear to the beach and jewelry to accessorize.

Instead of visiting theme parks and ballgames, they'll be more inclined to find fun things to do at home--"stay-cation" has quickly embedded itself in the American lexicon--and will cook burgers and hotdogs on the grill before heading out to a fancy restaurant.