Yes. It's different than, say, the service industry and certain commodities, but the same as the utilities market. The public WILL cut way back on restaraunts and travel while shopping for cheaper sources of food and necessary paper products before cutting back much at all on gas or utilities.
This is debatable but, regardless, irrelevant.
In all markets one charges for the product the buyers will accept. What you are doing is comparing the acceptance levels across industries/markets.