Americans are beginning to make significant changes to their spending habits as a result of the economic downturn, the findings of a new report suggest.

Rising gas and food prices have hit many families hard, at a time when unemployment is rising and job security has become a major issue.

A study conducted by market researchers Nielsen found that 63 percent of consumers have reacted to the increasing cost of living by attempting to reduce spending.

With debt a concern for many people, just over half of those quizzed said they had reduced the number of times they eat out, reports USA Today.

Others said they had resorted to cost-cutting measures such as using more coupons and switching from branded to own-label products.

Nielsen's senior vice president Todd Hale told the newspaper that the number of visits to clothes stores and office supply businesses were falling, adding: "People are spending money on food and the products they need to sustain life."

Meanwhile, figures compiled by AAA suggest that the cost of gas is beginning to fall, reports CNN Money.

The motoring group's statistics showed that the average price of unleaded fuel on Saturday was $4.077 a gallon, compared to $4.09 the previous day.

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