Just as the retail landscape started to stabilize, rising prices at the pump are shifting consumers' spending habits once again. Although nearly half of consumers (43.2%) do not believe gas prices will have a major impact on their spending, others are choosing to scale back on vacation plans, new clothes, and even groceries, according to a new National Retail Federation survey.

"Retailers know that when consumers are forced to spend more of their disposable income on gasoline, they will scale back spending in other areas," said NRF President and CEO Tracy Mullin. "Ultimately, higher prices at the pump act as an additional tax on consumers, and consumers don't like to be taxed."

Almost 40% of consumers said that increased gas prices would impact their spending over Memorial Day weekend. Consumers aged 25-34 will be the most affected, with 44.3% planning to adjust Memorial Day spending due to rising gas prices.