Alexandria, VA — Three in five (60 percent) of American drivers report feeling optimistic about the economy, a two-point increase from last month and a point off the record high recorded in March, according to the most recent NACS Consumer Fuels Survey. The association attributes the continuing rise in confidence to declines in gas prices. “As gas prices decline, consumers are feeling more optimistic about the state of the economy,” the group notes.
The association, which represents convenience and petroleum retailers, notes that in July 2016, 47 percent of U.S. drivers expressed optimism related to the economy.
“The cumulative effect of low gas prices over the past three summers is certainly pushing consumer optimism higher,” says Jeff Lenard, NACS vice-president of strategic industry initiatives. “Low gas prices, warm summer weather and high consumer optimism are the three factors most cited by convenience store retailers looking to grow their sales, and retailers are very optimistic about summer sales.”
More than four in five convenience store retailers (83 percent) say they are optimistic about their business prospects for the third quarter of 2017, the highest level recorded in the past eight quarters, according to survey results.
The association also notes that historically, most consumers indicate gas prices will increase during the next 30 day period; however, that perception is changing as gas prices remain low for a sustained period. Only 41 percent of drivers in the most recent survey say they expect prices to climb this month, the lowest percentage in 12 months.
Nearly one in four consumers (24 percent) report they will drive more this month and nearly one in five (18 percent) say they will spend more, NACS notes.
by Candy & Snack TODAY
